President Bola Tinubu has signed an Executive order suspending the five per cent Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.
The Presidential spokesman, Dele Alake, made the disclosure during a press briefing at the State House in Abuja on Thursday.
The Guardian reports that the President also signed the Finance Act (Effective Date Variation) Order, 2023, which postpones the implementation date of the changes outlined in the Act from May 23, 2023, to September 1, 2023, according to Alake.
Alake noted that the development is to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
He also stated that Tinubu has signed the Customs, Excise Tariff (Variation) Amendment Order, 2023, which moves the start date of the tax changes from Monday, March 27, to Tuesday, August 1, 2023, in accordance with the National Tax Policy.
Tinubu also ordered the suspension of the newly introduced Green Tax in the form of Excise Tax on Single-Use Plastics, including plastic containers and bottles, as well as the suspension of the Import Tax Adjustment levy on certain vehicles, according to the presidential spokesman.
Alake noted that the president issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.
He, however, reiterated President Tinubu’s commitment to reviewing complaints about multiple taxation, local and anti-business inhibitions.
Alake added that the president’s administration will continue to give the requisite stimulus by way of friendly policies to allow businesses to flourish in the country.
According to him, President Tinubu has assured Nigerians that there will be no further tax increases unless robust and wide consultations are conducted within the context of a coherent fiscal policy framework.