President Bola Ahmed Tinubu has signed four Executive Orders into law to counter the country’s unfair taxation policy.
Dele Alake, Special Adviser to the President for Special Duties, Communication, and Strategy, issued the policy order on Thursday during an interactive session with State House Correspondents.
Among the Executive Orders put into law by the President is the Finance Act (Effective Date Variation) Order, 2023, which has moved the start date of the Act’s modifications from May 23, 2023, to September 1, 2023. This is to ensure compliance with the 90-day minimum advance notice requirement for tax changes outlined in the 2017 National Tax Policy.
The Customs, Excise Tariff (Variation) Amendment Order, 2023 is the second Order.
According to Alake, this has shifted the start date of the tax revisions from March 27, 2023, to August 1, 2023, by the National Tax Policy.
He stated that Mr. President has issued an Order suspending the 5% Excise Tax on telecommunication services as well as the escalation of Excise Duties on locally manufactured goods.
“Further to his commitment to creating a business-friendly environment, the President has ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single-Use Plastics, including plastic containers and bottles.
“In addition, the President has ordered the suspension of the Import Tax Adjustment levy on certain vehicles.
As a listening leader, the President issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.
“His Excellency will not exacerbate the plight of Nigerians,” Alake stated.
