President Bola Tinubu is considering a six-month suspension of taxes, levies, and charges in several business sectors.
The tax suspension will benefit Okada riders, goods transporters, fuel transporters, wheelbarrow and cart pushers, shop owners, market traders, and others.
This proposal is outlined in a draft executive order titled “Inflation Reduction and Price Stability (Fiscal Policy Measures, etc.) Order 2024,” dated May 1, which aims to reduce inflation and food prices nationwide.
In the draft executive order, the president cites his authority under Section 5 of the Nigerian Constitution (as amended), Section 38 of the Value Added Tax Act, Cap. V1 2004 (as amended), among other powers.
The draft order specifies that the suspension will cover the “road haulage tax and any other levy or charges on transportation of goods; bicycle, truck, canoe, wheelbarrow and cart fees.”
Others include: “business premises registration; shops, kiosks, and market taxes and levies; animal trade and produce sales tax; further suspension of VAT and diesel (AGO).”
The draft order also directed that “States and Local Governments shall take appropriate steps to support the implementation of the tax suspension.”
Leave a Reply