President Bola Tinubu has responded to tax-related concerns by signing four Executive Orders aimed at alleviating the burden on businesses and households. One of these orders involves the suspension of the five percent Excise Tax on telecommunication services, as well as an increase in Excise Duties on locally manufactured products.
The announcement was made by Dele Alake, Special Adviser to the President on Special Duties, Communications, and Strategy, during a press briefing at the State House in Abuja.
Alake disclosed that President Tinubu also signed the Finance Act (Effective Date Variation) Order, 2023, which defers the implementation of changes outlined in the Act until September 1, 2023. This decision was made in compliance with the 90-day minimum advance notice requirement for tax changes specified in the 2017 National Tax Policy.
In addition, President Tinubu ordered the suspension of the recently introduced Green Tax, which included an Excise Tax on Single-Use Plastics such as plastic containers and bottles. The Import Tax Adjustment levy on certain vehicles was also suspended, as confirmed by the presidential spokesman.
The President’s aim with these orders is to mitigate the negative impact of tax adjustments on businesses and households in affected sectors. Furthermore, he remains committed to addressing concerns related to multiple taxation, local regulations, and anti-business barriers.
Alake emphasized that the administration will continue to implement friendly policies to stimulate business growth in the country. President Tinubu has assured Nigerians that there will be no further tax increases unless comprehensive consultations are conducted within the framework of a cohesive fiscal policy.