President Bola Tinubu has signed three executive orders to ameliorate the negative impactss of tax adjustments on businesses and households across affected sectors.
Mr Dele Alake, Presidential Adviser on Special Duties, Communications and Strategy, made this known at a briefing on Thursday in Abuja.
The new orders affected the Finance Act 2023, the Customs, Excise Tariff and the Excise Tax on telecommunications as well as the Green Tax.
“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.
“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.
“In addition, the President has ordered the suspension of Import Tax Adjustment levy on certain vehicles,” he said.
