President Bola Ahmed Tinubu has taken decisive action to address arbitrary taxation practices in the country by signing four Executive Orders into law.
During an interactive session with State House Correspondents, Dele Alake, the Special Adviser on Special Duties, Communication, and Strategy to the President, made the announcement on Thursday.
One of the significant Executive Orders signed by President Tinubu focuses on suspending the 5% excise tax on telecommunication services, as well as increasing excise duties on locally manufactured products.
Additionally, President Tinubu signed the Finance Act (Effective Date Variation) Order, 2023. This order defers the implementation of changes outlined in the Act from May 23, 2023, to September 1, 2023.
Alake further clarified that this decision aligns with the 90-day minimum advance notice for tax changes specified in the 2017 National Tax Policy, ensuring compliance with the recommended timeline.
In accordance with the 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.
Additionally, the president suspended the newly introduced Green Tax through the Excise Tax on Single-Use Plastics, such as plastic bottles and containers, as well as the Import Tax Adjustment levy.
Tinubu also suspended the Import Tax Adjustment Levy on certain vehicles, recognizing the need to ease financial strains.
Alake stressed that the president’s primary goal in issuing these orders was to mitigate the negative effects of recent tax adjustments.
