The purpose is to ensure compliance with the 90-day minimum advance notice for tax changes specified in the 2017 National Tax Policy.
By Mercy Adeyemi:
President Bola Ahmed Tinubu has taken action to address arbitrary taxation policies in the country by signing four Executive Orders into law.
During an interactive session with State House Correspondents, Dele Alake, the Special Adviser for Special Duties, Communication, and Strategy to the President, made the announcement on Thursday.
One of the Executive Orders signed by the President is the Finance Act (Effective Date Variation) Order, 2023. This Order defers the implementation date of the changes outlined in the Act from May 23, 2023, to September 1, 2023. The purpose is to ensure compliance with the 90-day minimum advance notice for tax changes specified in the 2017 National Tax Policy.
The second Order is the Customs, Excise Tariff (Variation) Amendment Order, 2023. This Order shifts the commencement date of the tax changes from March 27, 2023, to August 1, 2023, aligning with the National Tax Policy.
Furthermore, President Tinubu has issued an Order to suspend the 5% Excise Tax on telecommunication services and the escalation of Excise Duties on locally manufactured products.
“Further to his commitment to creating a business-friendly environment, the President has ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles.
“In addition, the President has ordered the suspension of Import Tax Adjustment levy on certain vehicles.
As a listening leader, the President issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.
“His Excellency will not exacerbate the plight of Nigerians,” Alake stated.