To alleviate tax burdens on Nigerians and their businesses in view of some concerns raised by manufacturers and other stakeholders on regarding recent tax changes, President Bola Tinubu has signed four executive orders suspending some taxes.
Special Adviser to the President on Special Duties, Communication and Strategy, Mr Dele Alake, led the administration’s Revenue team to this disclose this while briefing State House reporters at the Presidential Villa, Abuja.
Others on the team were Special Adviser to the President on Revenue, Mr Zaccheau Adedeji; Ms Doris Aniettie, a member of the Presidential Advisory Council on Finance and other Related Matters and Adenike Laoye from the Office of the Chief of Staff to the President
According to the team, the move because necessary as a response to the need for clarity and adequate notice for tax adjustments, as specified in the 2017 National Tax Policy.
According to Alake, the first one is The Finance Act (Effective Date Variation) Order, 2023, which has now deferred the commencement date of the changes contained in the Act from May 23, 2023 to September 1, 2023 to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
The second one is The Customs, Excise Tariff (Variation) Amendment Order, 2023 which has also shifted the commencement date of the tax changes from March 27, 2023 to August 1, 2023 and also in line with the National Tax Policy.
Alake said the President has given an Order suspending the 5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.
He added the President had ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles.
He added that the President had ordered the suspension of Import Tax Adjustment levy on certain vehicles.
According to him,President Tinubu’s intention is to listen to the concerns of the Nigerians and alleviate the negative impacts of the tax adjustments, rather than exacerbate the challenges faced by citizens.
Details Shortly…
