In a move to address concerns over arbitrary taxation policies in the country, President Bola Ahmed Tinubu has signed four Executive Orders.
The announcement was made today by Dele Alake, the Special Adviser to the President, during an interactive session with State House Correspondents.
The first Executive Order, known as the Finance Act (Effective Date Variation) Order, defers the implementation of changes in the Act until September 1, 2023. This decision ensures that a 90-day notice period for tax changes is adhered to, allowing affected parties ample time for adjustment.
Another important Order is the Customs, Excise Tariff (Variation) Amendment Order, which postpones the commencement date of tax changes to August 1, 2023. This adjustment aims to provide businesses and individuals with sufficient time to adapt to the new tax regulations.
Furthermore, President Tinubu has taken action to ease the burden on the public by suspending several taxes. The 5% Excise Tax on telecommunication services, the Excise Duties escalation on locally manufactured products, and the recently introduced Green Tax on single-use plastics have all been temporarily halted.
Additionally, the President has issued an Order to suspend the Import Tax Adjustment levy on certain vehicles. These measures are intended to alleviate the negative impact of tax adjustments on both businesses and households, demonstrating President Tinubu's commitment to fostering a business-friendly environment and prioritizing the well-being of Nigerians.
Dele Alake, speaking on behalf of the President, stated, "President Tinubu has ordered the suspension of the newly introduced Green Tax on Single-Use Plastics, including plastic containers and bottles. Furthermore, he has also suspended the Import Tax Adjustment levy on certain vehicles.
“As a leader who listens to the concerns of the people, these orders have been issued to mitigate the adverse effects of tax adjustments on businesses and households across affected sectors. His Excellency is determined not to exacerbate the plight of Nigerians."