By John Ikani
President Bola Tinubu has taken decisive action by signing four Executive Orders, aimed at addressing various tax-related concerns and providing relief to businesses and households across affected sectors.
This was made known by the Special Adviser to the President on Special Duties, Communications, and Strategy, Dele Alake, during a press briefing at the State House in Abuja.
One of the key measures taken by President Tinubu is the suspension of the five percent Excise Tax on telecommunication services, along with the escalation of Excise Duties on locally manufactured products.
The move is intended to alleviate the burden on businesses operating in these sectors.
In addition, the President signed the Finance Act (Effective Date Variation) Order, 2023, which defers the commencement date of the changes outlined in the Act.
Originally slated to take effect on May 23, 2023, the implementation of the Act will now begin on September 1, 2023.
The adjustment ensures compliance with the 90-day minimum advance notice for tax changes, as stipulated in the 2017 National Tax Policy.
Furthermore, President Tinubu approved The Customs, Excise Tariff (Variation) Amendment Order, 2023, which shifts the commencement date of tax changes from March 27, 2023, to August 1, 2023.
The revision aligns with the provisions of the National Tax Policy.
In his efforts to address concerns raised by businesses and households, President Tinubu also ordered the suspension of the newly introduced Green Tax, specifically the Excise Tax on Single-Use Plastics, including plastic containers and bottles.
Also, the Import Tax Adjustment levy on certain vehicles has been temporarily suspended.
Alake went on to note that all the four executive orders were signed into law to mitigate the adverse impacts of tax adjustments on businesses and alleviate the financial burden on households.
He reiterated the President’s commitment to reviewing complaints regarding multiple taxation and local regulations that hinder business growth.
