President Bola Tinubu has signed four executive orders, including the suspension of the 5% excise tax on telecommunication services as well as the escalation of excise duties on locally manufactured products.
Dele Alake, special adviser on special duties, communications, and strategy to the president, disclosed this on Thursday to state house correspondents.
He stated that the President also signed the Finance Act (Effective Date Variation) Order, 2023, whose commencement date is now deferred to September 1, 2023.
According to the presidential spokesman, this is to ensure adherence to the 90-day minimum advance notice for tarrif changes as contained in the 2017 National Tax Policy.
The President also signed the Customs and Excise Tariff (Variation) Amendment Order, 2023, shifting the commencement date of the tarrif changes from March 27, 2023, to August 1, 2023, in line with the National Tax Policy.
President Tinubu also ordered the suspension of the newly introduced Green Tarrif by way of Excise Tarrif on Single-Use Plastics, including plastic containers and bottles, as well as the suspension of the Import Tarrif Adjustment Levy on certain vehicles.
Alake equally explained that the President issued these orders to ameliorate the negative impacts of the tarrif adjustments on businesses and households across affected sectors.
He, however, reiterated the President’s commitment to reviewing complaints about multiple taxation, localization, and anti-business inhibitions.
