President Bola Tinubu Thursday suspended the 5% excise tax on telecom services and signed four Executive Orders aimed at addressing unfriendly fiscal policy measures and the multiplicity of taxes.
Dele Alake, Special Adviser on Special Duties, Communications and Strategy, who announced this at a press briefing in the presidential villa, Abuja, on Thursday said the action aims to put Nigerians at the centre of government policies.
Alake said the executive orders include the Finance Act (Effective Date Variation) Order, 2023, which has now deferred the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.
He said this is to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
The other executive order is the Customs, Excise Tariff (Variation) Amendment Order, 2023, which shifts the commencement date of the tax changes from March 27, 2023, to August 1, 2023, and is also in line with the National Tax Policy.
The other Executive Order signed by the president suspends the 5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.
The last Executive Order also suspends the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles.
The Presidential spokesman who stated that Tinubu also ordered the suspension of the Import Tax Adjustment levy on certain vehicles, explained that this is in the president’s commitment to creating a business-friendly environment.
“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 said.
