In a bid to curb multiple taxation as complained by a cross section of Nigeria and the business class, President Bola Tinubu on Thursday signed four Executive Orders which includes the suspension of the five percent Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.
Some of the suspended taxes were issued through Executive Order by former President Muhammadu Buhari at the twilight of his administration.
The Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake disclosed this while briefing State House correspondents on Thursday at the Presidential Villa Abuja.
According to him, President Tinubu also signed the Finance Act (Effective Date Variation) Order, 2023, which now defers the commencement date of the changes contained in the Act from May 23, 2023 to September 1, 2023.
He explained that this is to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
President Tinubu also signed The Customs, Excise Tariff (Variation) Amendment Order, 2023, shifting the commencement date of the tax changes from March 27, 2023 to August 1, 2023 and also in line with the National Tax Policy.
Alake added that the President also ordered the suspension of the newly introduced Green Tax on Single Use Plastics (SUPs), including plastic containers and bottles.
President Tinubu also ordered the suspension of Import Tax Adjustment levy on certain vehicles.
According to Alake, the President issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.
He reiterated the President’s commitment to reviewing complaints about multiple taxation, local and anti-business inhibitions.
He assured that the Tinubu administration will continue to give requisite stimulus by way of friendly policies to allow businesses to flourish in the country.
He said the President assured Nigerians that there will not be further tax raise without robust and wide consultations undertaken within the context of a coherent fiscal policy framework.
He said, “in closing, the President wishes to reiterate his commitment to reviewing complaints about multiple taxation, and anti-business inhibitions.
The Federal Government sees business owners, local and foreign investors as critical engines in its focus on achieving higher GDP growth and appreciable reduction in unemployment rate through job creation.
“The government will, therefore, continue to give requisite stimulus by way of friendly policies to allow businesses to flourish in the country.
“President Bola Tinubu wishes to assure Nigerians by whose sacred mandate he is in power that there will not be further tax raise without robust and wide consultations undertaken within the context of a coherent fiscal policy framework.”
Dear readers, we really need your support to keep on serving you with authoritative, truthful, and juicy stories everyday. For your support, please reach out to the editor @firstname.lastname@example.org