President Bola Ahmed Tinubu, yesterday signed four executive orders (EOs) to curb the challenges facing businesses and citizen.
The Special Adviser to the President on Special Duties, Communication and Strategy, Mr Dele Alake, broke down the issues around the new EOs at Aso Villa, Abuja during an interactive session with State House Correspondents.
Others on the team includes; Special Adviser to the President on Revenue, Mr Zacchaeus Adedeji; a member of the Presidential Advisory Council on Finance and Other Related Matters, Ms Doris Aniettie; and Adenike Laoye from the Office of the Chief of Staff to the President.
Among the Executive Orders signed into law by the President, includes 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. 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 is The Customs, Excise Tariff (Variation) Amendment Order, 2023, which 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
Thirdly, the President had given an Order suspending the five per cent excise tax on telecommunication services as well as the excise duties escalation on locally manufactured products.
Lastly is the suspension of the newly introduced Green Tax by way of excise tax on Single-Use Plastics, including containers and bottles.
In addition, the President had ordered the suspension of the import tax adjustment levy on certain vehicles.
According to Alake, President Tinubu intends to listen to the concerns of the Nigerian people and alleviate the negative impact of the tax adjustments rather than worsen the challenges faced by citizens.
“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 an 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 Tinubu wishes to assure Nigerians by whose mandate he is in power that there will not be further tax raise without robust and wide consultations undertaken within the context of a coherent fiscal policy framework,” he added.
