President Bola Tinubu has approved the suspension of five percent Excise Tax on telecommunication services in Nigeria.
He has also approved the suspension of Excise Duties escalation on locally manufactured products in the country.
Special Adviser, Special Duties, Communication and Strategy, to the President, Dele Alake, announced the policy directive on Thursday during an interactive session with State House Correspondents.
According to him the move is part of the four Executive Orders signed into law to curb arbitrary taxation policy in the country.
Among the Executive Orders signed into law by the President, includes the Finance Act (Effective Date Variation) Order, 2023, 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.
The second Order involves the Customs, Excise Tariff (Variation) Amendment Order, 2023.
Alake 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.
He said Mr 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.
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.
