President Bola Tinubu on Thursday, July 6, 2023, signed four executive orders in an effort to lessen Nigeria’s capricious taxation policy.
The President’s Special Adviser for Special Duties, Communication, and Strategy, Dele Alake, confirmed the latest developments in a statement.
The Finance Act (Effective Date Variation) Order, 2023 is one of the Executive Orders Tinubu signed yesterday. This, according to the statement, has now deferred the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.
This, according to Alake, is to ensure adherence to the 90 days’ minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
The second Order involves the Customs, Excise Tariff (Variation) Amendment Order, 2023, Alake revealed in the policy directive unveiled during an interactive session with State House Correspondents on Thursday.
He noted that this had shifted the commencement date of the tax changes from March 27, 2023, to August 1, 2023, and also in line with the National Tax Policy.
He said President Tinubu had given an Order suspending the 5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.
“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 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,” the statement added.
Ada Peter
