President Bola Ahmed Tinubu has taken decisive action by signing four Executive Orders with the specific purpose of curbing unjust taxation policies in the country, thus easing economic hardships.
During an interactive session with State House Correspondents, Dele Alake, the President’s Special Adviser, made the announcement.
One of the Orders, known as the Finance Act (Effective Date Variation) Order, postpones the implementation date of changes in the Act to September 1, 2023. This ensures that there is a proper 90-day notice period for tax changes.
Another Order focuses on the Customs, Excise Tariff (Variation) Amendment Order, which pushes the commencement date of tax changes to August 1, 2023.
Furthermore, the President has suspended the 5% Excise Tax on telecommunication services, as well as the escalation of Excise Duties on locally manufactured products. Additionally, the newly introduced Green Tax on single-use plastics has been put on hold.
Moreover, the President has ordered the temporary suspension of the Import Tax Adjustment levy on specific vehicles. These measures have been put in place to mitigate the adverse effects of tax adjustments on businesses and households.
“In line with his commitment to fostering a business-friendly environment, the President has instructed the suspension of the recently introduced Green Tax, which encompasses Excise Tax on Single Use Plastics, including plastic containers and bottles.
Furthermore, the President has directed the temporary suspension of the Import Tax Adjustment levy on certain vehicles. Acting as a responsive leader, these orders have been issued to alleviate the negative impacts of tax adjustments on businesses and to relieve the burden on affected households.”
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