President Bola Ahmed Tinubu has signed four Executive Orders to address business unfriendly fiscal policy measures and multiplicity of taxes.
Dele Alake, special adviser to the President on Special Duties, Communication and Strategy, disclosed this on Thursday while briefing State House Correspondents at the Presidential Villa, Abuja.
He 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 the Import Tax Adjustment levy on certain vehicles.
Alake said the President had given an Order suspending the 5 percent Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.
He further 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.
According to him, the orders will 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, and local and foreign investors as critical engines in its focus on achieving higher GDP growth and appreciable reduction in the 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.