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Tinubu Signs 4 Executive Orders To Ease Tax Burden On Businesses, Suspends 5% Excise Tax on Telecoms

“In addition, the President has ordered the suspension of Import Tax Adjustment levy on certain vehicles.”

Nigeria President Bola Tinubu has assented to four Executive Orders deferring and suspending the commencement of certain taxes paid by companies in the country.

Special Adviser to the President on Special Duties, Communications and Strategy, Mr Dele Alake, made this known on Thursday while speaking with newsmen at the State House, Abuja. 

This move, he explained, was in line with President Tinubu’s pledge during his inauguration on May 29, 2023 to address business unfriendly fiscal policy measures and multiplicity of taxes. 

Alake said in line with the President’s promise to put Nigerlans at the centre of government policies, he has signed four Executive Orders.

He listed them to include:

“The Finance Act (Effective Date Variation) Order, 2023, has now deferes 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”.

Details Later…

Deji Elumoye in Abuja

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