Tinubu Suspends Import Tax On Vehicles, Telecoms, Plastic, Others
President Bola Ahmed Tinubu has signed four Executive Orders to address business unfriendly fiscal policy measures and multiplicity of taxes in the country.
The Special Adviser to the President on Special Duties, Communication and Strategy, Dele Alake, who disclosed this in Abuja, said the presidential interventions are to address the key concerns of manufacturers and other stakeholders regarding some recent tax changes.
According to him, the first one is the Finance Act (effective date variation) Order, 2023, which has now deferred the commencement date of the changes contained in the Act from May 23, 2023 to September 1, 2023 to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
The second one is the Customs, Excise Tariff (Variation) Amendment Order, 2023 which 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 also ordered the suspension of Import Tax Adjustment levy on certain vehicles.
Thirdly, Alake said the President had given an Order suspending the 5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.
Fourthly, he said the President had ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles.
The presidential spokesman said Tinubu issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors, stating that the president will not exacerbate the plight of Nigerians.
“The President wishes to reiterate his commitment to reviewing complaints about multiple taxation, local and anti-business inhibitions. The Federal 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.
“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 raise without robust and wife consultations undertaken within the context of a coherent fiscal policy framework,” he added.
