Tinubu signs Executive Orders to ease tax burden on businesses
Four Executive Orders delaying and suspending the start of certain taxes paid by businesses in the nation have received President Bola Tinubu’s approval.
Dele Alake, the President’s Special Adviser on Special Duties, Communications, and Strategy, revealed this to reporters on Thursday at the State House in Abuja.
He said that this action was consistent with President Tinubu’s promise to address business-unfriendly fiscal policy measures and tax multiplicity at his inauguration on May 29, 2023.
According to Alake, the President has issued four Executive Orders in keeping with his pledge to place Nigerians at the centre of government activities
The Finance Act (Effective Date Variation) Order, 2023, has now deferred the commencement date of the changes contained in the Act from May 23, 2023 to September 1, 2023. This is to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
“The Customs, Excise Tariff (Variation) Amendment Order, 2023. This has also 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.
The President has 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
