President Bola Tinubu has signed four Executive Orders, including the suspension of the five per cent Excise Tax on Telecommunication services.
Special Adviser to the president on Special Duties, Communications and Strategy, Dele Alake made this known while briefing State House Correspondents on Thursday.
He explained that the these orders are meant to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.
According to Alake, the President suspended Excise Duties escalation on locally manufactured products; the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles and the Import Tax Adjustment levy on certain vehicles.
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Tinubu also signed The Customs, Excise Tariff (Variation) Amendment Order, 2023, shifting 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 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 president’s aide said this is to ensure that the act aligns with the 90-day notice period required by the National Tax Policy 2017.
