In a recent development, President Bola Tinubu has signed four new Executive Orders, aimed at stimulating economic growth and providing relief to businesses and households. These orders include the suspension of the 5% Excise Tax on telecommunication services and the Excise Duties escalation on locally manufactured products.
The President’s Special Adviser on Special Duties, Communications, and Strategy, Dele Alake, made the announcement during a press briefing, highlighting the significance of these measures. Additionally, the President has signed the Finance Act (Effective Date Variation) Order, 2023, which postpones the commencement date of changes outlined in the Act from May 23, 2023, to September 1, 2023.
To adhere to the 90-day advance notice for tax changes as outlined in the 2017 National Tax Policy, President Tinubu also signed The Customs, Excise Tariff (Variation) Amendment Order, 2023. This amendment shifts the implementation date of tax changes from March 27, 2023, to August 1, 2023, aligning with the National Tax Policy.
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Furthermore, President Tinubu has ordered the suspension of the recently introduced Green Tax, which includes the Excise Tax on Single-Use Plastics, such as plastic containers and bottles. Additionally, the Import Tax Adjustment levy on certain vehicles has also been suspended. These measures aim to alleviate the negative impact of tax adjustments on businesses and households in affected sectors.
In light of these executive orders, Alake emphasized the President’s commitment to addressing concerns regarding multiple taxation, local and anti-business inhibitions. President Tinubu’s administration remains dedicated to implementing business-friendly policies that foster economic growth and prosperity in the country.
The President assures Nigerians that any future tax increases will be subject to proper consultations within a coherent fiscal policy framework. These measures reflect the government’s determination to support businesses and enable them to thrive, thereby bolstering the nation’s economy.
