President Tinubu signs Student Loan Bill into law, June 12, 2023.
President Tinubu has signed Executive Orders to ease the tax burden on businesses.
Newsone reports that Nigeria’s President Bola Ahmed Tinubu has signed four Executive Orders into law to curb arbitrary taxation policy in the country.
This online news platform understands that the policy directive was announced by the Special Adviser, Special Duties, Communication, and Strategy, to the President, Dele Alake, on Thursday, July 6, 2023, during an interactive session with State House Correspondents.
Among the Executive Orders signed into law by the President, includes the Finance Act (Effective Date Variation) Order, 2023, which 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.
Newsone Nigeria reports that the second Order involves the Customs, Excise Tariff (Variation) Amendment Order, 2023.
The Presidential Spokesman said this has 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 President Tinubu 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. As a listening leader, the President issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.
“His Excellency will not exacerbate the plight of Nigerians,” Alake stated.
1 – The Finance Act Order, 2023, which defers the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.
2 – Customs Excise Tariff Amendment Order, 2023, shifts the commencement date of tax changes from March 27, 2023, to August 1, 2023.
3 – Suspension of the 5% Excise Tax on telecommunication services and excise duty on locally produced produts.
4 – Suspension of the newly introduced Green Tax on Single Use Plastics and the Import Tax Adjustment levy on certain vehicles.