President Bola Tinubu has signed four executive orders in an effort to reduce multiple taxation, which has been criticised by a variety of Nigerians and the business community. These orders include the suspension of the five percent excise tax on telecommunication services as well as the escalation of excise duties on locally produced goods.
At the end of his presidency, former President Muhammadu Buhari issued an executive order that halted some taxes.
This information was provided to State House reporters on Thursday at the Presidential Villa in Abuja during a briefing by Dele Alake, the Special Adviser to the President on Special Duties, Communications, and Strategy.
He claims that President Tinubu also authorised the Finance Act (Effective Date Variation) Order, 2023, which moves the start date of the Act’s amendments from May 23 to September 1 of that year.
He clarified that this was done to guarantee that the 2017 National Tax Policy’s requirement for a minimum of 90 days’ advance notification for tax changes was followed.
In accordance with the National Tax Policy, President Tinubu also signed The Customs, Excise Tariff (Variation) Amendment Order, 2023, delaying the start of the tax revisions from March 27, 2023, to August 1, 2023.
The President also ordered the suspension of the recently implemented Green Tax on Single Use Plastics (SUPs), which includes plastic bottles and containers, Alake continued.
Additionally, President Tinubu mandated the cessation of the Import Tax Adjustment Levy on a number of cars.
Alake claims that the President made these directives in order to lessen the adverse effects of the tax modifications on enterprises and the stranglehold on households across all affected sectors.
He reaffirmed the President’s promise to look into complaints about excessive local, state, and federal taxes.
He gave the assurance that the Tinubu administration would continue to provide the necessary impetus through accommodating policies to enable businesses to thrive in the nation.
He claimed that the President gave the Nigerian people the assurance that no new tax increases would be made without extensive and thorough consultations being conducted within the framework of a cogent fiscal policy framework.
“Finally, the President wants to reiterate his commitment to looking into complaints about,” he stated.
The President reiterates his commitment to looking into complaints about many taxes and business-inhibiting regulations, he stated in his concluding remarks. In its focus on achieving stronger GDP growth and a noticeable decrease in the unemployment rate through job creation, the Federal Government regards business owners, local investors, and foreign investors as essential engines.
Therefore, the government will continue to provide the necessary stimulus through benevolent policies to enable enterprises to thrive in the nation.
“President Bola Tinubu wishes to reassure Nigerians by whose sacred mandate he is in power that there will not be any additional tax increases without thorough and extensive consultations undertaken within the context of a coherent fiscal policy framework.”
