President Bola Tinubu has signed an order that stops the 5% Excise Tax on telecommunication services and the increase in Excise Duties on locally made goods.
Dele Alake, who works as a spokeswoman for Tinubu, told the press about this on Thursday at the State House in Abuja.
Alake says that the President also signed the Finance Act (Effective Date Variation) Order, 2023, which moves the date of the Act’s changes from May 23, 2023, to September 1, 2023.
Alake said that the change was made to make sure that the 2017 National Tax Policy, which says that tax changes must be announced at least 90 days in advance, is followed.
He also said that Tinubu had signed the Customs, Excise Tariff (Variation) Amendment Order, 2023, which moves the start date of the tax changes from Monday, March 27, 2023, to Tuesday, August 1, 2023, in line with the National Tax Policy.
The presidential aide said that Tinubu also directed the suspension of the recently introduced Green Tax in the form of an Excise Tax on Single-Use Plastics, such as plastic bottles and containers, and the suspension of the Import Tax Adjustment levy on certain cars.
Alake said that the president gave these orders to make up for the bad effects of the tax changes on businesses and to ease the pressure on families in all sectors touched.
He did, however, say again that President Tinubu would look into complaints about various taxes, local restrictions, and barriers to business.
Alake also said that the president’s government would continue to give businesses in the country the boost they need through helpful policies.
He says that President Tinubu has promised Nigerians that there won’t be any more tax hikes unless there are strong and wide-ranging discussions within a clear fiscal policy framework.