President Bola Ahmed Tinubu has taken decisive action by signing four Executive Orders with the aim of addressing arbitrary taxation policies in the country, News About Nigeria reports.
During a session where he engaged with journalists from the State House, Dele Alake, the President’s Special Adviser, disclosed the news.
One of the Orders, known as the Finance Act (Effective Date Variation) Order, postpones the implementation of changes in the Act until September 1, 2023. This ensures that there is a 90-day notice period for any tax changes.
Another Order relates to the Customs, Excise Tariff (Variation) Amendment Order, which pushes back the effective date of tax changes to August 1, 2023.
Furthermore, the President has suspended the 5% Excise Tax on telecommunication services, the escalation of Excise Duties on locally manufactured products, and the newly introduced Green Tax on single-use plastics.
Additionally, the President has directed the suspension of the Import Tax Adjustment levy on certain vehicles. These measures are intended to mitigate the adverse effects of tax adjustments on businesses and households.
In his commitment to fostering a business-friendly environment, the President has taken the step of suspending the recently introduced Green Tax, which applied as an Excise Tax on Single-Use Plastics, including plastic containers and bottles.
Furthermore, the President has put a halt to the Import Tax Adjustment levy on specific vehicles. These orders have been issued in response to the negative impacts of tax adjustments on businesses and the burdens placed on households in affected sectors.
Alake emphasized that the President, as a leader who listens to the concerns of the people, has implemented these orders to alleviate the hardships faced by Nigerians.
“His Excellency is determined not to exacerbate the challenges faced by Nigerians,” stated Alake.
