President Bola Tinubu on Thursday signed four executive orders which borders on taxes.
This, NewsSpecng gathered is part of the efforts to alleviate tax burdens on Nigerians and their businesses.
Manufacturers and other stakeholders in the country have raised concern about the multiple taxes in the country.
The administration’s Revenue team made the disclosure on Thursday.
According to the team, the move is a response to the need for clarity and adequate notice for tax adjustments, as specified in the 2017 National Tax Policy.
According to the media Aide the President, Mr. Dele Alake, the first one is The Finance Act (Effective Date Variation) Order, 2023, deferred the commencement date of the changes contained in the Act from May 23, 2023 to September 1, 2023 to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
The second one is The Customs, Excise Tariff (Variation) Amendment Order, 2023 which 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.
Alake said the Order also suspending the 5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.
He added the President had ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles.
He added that the President had ordered the suspension of Import Tax Adjustment levy on certain vehicles.
He said that President Tinubu’s intention is to listen to the concerns of the Nigerians and alleviate the negative impacts of the tax adjustments, rather than exacerbate the challenges faced by citizens.
