….defers Finance Act to Sept 1
President Bola Tinubu has signed four executive orders, including the suspension of the 5% excise tax on telecommunication services, as well as the excise duties escalation on locally manufactured products.
This was disclosed to the state house correspondents on Thursday by the special adviser on special duties, communications and strategy to the president, Dele Alake.
Alake also revealed that, President Tinubu has signed the Finance Act (Effective Date Variation) Order, 2023, to now defer the commencement date of the changes contained in the Act from May 23, 2023 to September 1, 2023.
He also explained that this will ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
To top it all, President Tinubu also went further to sign the Customs, Excise Tariff (Variation) Amendment Order, 2023, shifting the commencement date of the tax changes from March 27, 2023 to August 1, 2023, 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 while ordering the suspension of Import Tax Adjustment levy on certain vehicles.
He however said that the president issued these orders to step down the negative impact of recent tax adjustments on businesses and households.
Alake reiterated the president’s commitment to reviewing complaints around multiple taxation, local and anti-business inhibitions.
And that the Tinubu administration will continue to give requisite stimulus by way of friendly policies, to allow businesses to flourish while assuring Nigerians that there will be no further tax raise without robust and wide consultations within the context of a coherent fiscal policy framework.