…suspends import tax, Green tax, and 5% tax on telecoms
…future tax is only after consultation – Presidency
On Thursday, President Bola Tinubu signed four different Executive Orders, reversing the laws hastily signed by former President Muhammadu Buhari, towards the end of his administration.
One of such orders was the one that suspends the 2023 Finance Act deferring the date of its commencement from May 28, 2023 to September 1,2023. The decision to delay the commencement date was made to comply with the 90-day advance notice requirement for tax changes outlined in the 2017 National Tax Policy.
Another executive order signed was on suspending the five percent excise tax on telecommunication services as well as the escalation of excise duties on locally manufactured products.
The other order is the Customs Excise Tariffs Amendment Order 2023.
In a move to address environmental concerns, President Tinubu ordered the suspension of the newly introduced Green Tax, which imposed excise tax on single-use plastics such as containers and bottles.
Additionally, the import tax adjustment levy on certain vehicles has also been suspended.
The Special Adviser to the President on Special Duties, Communication and Strategy, Dele Alake told State House Correspondents that the executive order is in fulfilment of his pledge to put Nigerians at the centre of government policies and address business unfriendly fiscal policy measures and multiplicity of taxes.
He said the executive order and three others were presidential interventions to address key concerns of manufacturers and other stakeholders regarding some recent tax changes.
He clarified that these orders were issued to alleviate the adverse effects of tax adjustments on businesses and households in the affected sectors.
The President reassured Nigerians that any future tax increases would only occur after extensive consultations within the framework of a comprehensive fiscal policy.
