President Bola Tinubu has suspended the five per cent Excise Tax on telecommunication services and the Excise Duties escalation on locally manufactured products.
The suspension was contained in the four Executive Orders signed by the president, which included; The Finance Act (Effective Date Variation) Order, 2023, which defers the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.
The Special Adviser to the President on Special Duties, Communications and Strategy, Mr. Dele Alake, made this known Thursday while briefing State House Correspondents at the Presidential Villa, Abuja.
He said Tinubu also signed The Customs, Excise Tariff (Variation) Amendment Order, 2023, shifting the coAlake said this is to ensure that the Act aligns with the 90-day notice period required by the National Tax Policy 2017.
Tinubu’s interventions also include the suspension of the five per cent Excise Tax on telecommunication services and excise duty on locally produced products.
While Executive Order 4 is the suspension of the newly introduced Green Tax on Single Use Plastics and the Import Tax Adjustment levy on certain vehicles.
Alake said these orders are meant to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.
He stressed that Tinubu’s administration will, therefore, continue to give requisite stimulus by way of friendly policies to allow businesses to flourish nationwide.
However, he reiterated the President’s commitment to reviewing complaints about multiple taxation, local and anti-business inhibitions.
Alake said the President assured Nigerians that there will not be further tax raise without a robust and wide consultations undertaken within the context of a coherent fiscal policy framework.