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President Bola Ahmed Tinubu has signed four Executive Orders to curb multiplicity of taxes including the suspension of the 5% excise tax on telecommunication services.
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The Executive Orders include the postponement of the Finance Act 2023 and the suspension of the 5% Excise Tax on telecommunication services.
The decision was announced Thursday at the State House, Abuja by the President’s Special Adviser on Special Duties, Communications and Strategy, by Dele Alake.
He said the decision fulfills President Tinubu’s promise to address business-unfriendly fiscal policy measures and put Nigerians at the centre of government policies.
“In addition, the President has ordered the suspension of Import Tax Adjustment levy on certain vehicles.”
According to him: “The Finance Act (Effective Date Variation) Order, 2023, has now deferred the commencement date of the changes contained in the Act from May 23, 2023 to September 1, 2023. This is to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
“The Customs, Excise Tariff (Variation) Amendment Order, 2023. This 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.
Others are: “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.
“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.”
