President Bola Tinubu has signed four Executive Orders into law to curb arbitrary taxation policy in the country.
Special Adviser to the President on Special Duties, Communication and Strategy, Mr Dele Alake disclosed this while briefing State House Correspondents on Thursday.
Giving details of the Executive Orders, Alake said: “President Bola Tinubu, in fidelity to the pledge to put Nigerians at the center of government policies, has signed the following Executive Orders:
“1. 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.
“2. 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.
“3. 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.
“4. 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.”
He further stated that the decision was a deliberate one to reduce to the barest minimum, the plight of Nigerians especially business men.
“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.
“The essence is just to ensure that the negative impact ofg any economic dynamics in the tax policy is reduced to the barest minimum and ensure that life is less difficult for the average Nigerian,” he said.
Alake stated that the current administration under the leadership of President Bola Tinubu would continue to look out for the interest of the greatest number of Nigerians.
He also said President Tinubu was committed to reviewing complaints about multiple taxation and anti-business embarrassments.
He said: “The Nigerian government sees business owners, local and foreign investors as critical engines in its focus on achieving higher GDP growth and appreciable reduction in unemployment rate through job creation.”
Alake also disclosed that the Nigerian leader will continue to consult before introducing future policies on taxation.
“The government will, therefore, continue to give requisite stimulus by way of friendly policies to allow businesses to flourish in the country.
“President Bola Tinubu wishes to assure Nigerians by whose mandate he is in power that there will not be further tax rise without robust and wide consultations undertaken within the context of a coherent fiscal policy framework,” he added.
