President Bola Tinubu has signed four Executive Orders which include the suspension of the five percent Excise Tax on telecommunication services, Excise Duties escalation on locally manufactured products, The Customs Tariff (Variation) Amendment Order, and to halt the newly introduced Green Tax, an Excise Tax on Single-Use Plastics, which includes both on containers and bottles. This was revealed by the President's Special Adviser on Special Duties, Communications, and Strategy, Dele Alake 6th July 2023 at the Presidential Villa. The move is in a bid to address the issues raised by the manufacturers and other stakeholders as regards the recent tax changes, and response to the clarity on tax adjustment as specified in the 2017 National Tax Policy, as to create a business-friendly environment.
The Finance Act (Effective Date Variation) Order, 2023. It defers the implementation of the changes outlined in the Act from May 23, 2023, to September 1, 2023, ensuring compliance with the stipulated 90-day advance notice for tax changes.
The Customs Excise Tariff (Variation) Amendment Order, 2023, also adjusts the commencement date of tax changes. Originally scheduled for March 27, 2023, the changes will now take effect from August 1, 2023, aligning with the National Tax Policy guidelines.
Alake stated that the Import Tax Adjustment levy on certain vehicles has been suspended; also noting that Tinubu's intention was to listen to the pleas of Nigerians in addressing the challenge and negative impacts of the tax adjustments faced by its citizens.
The President assured Nigerians that there will not be further tax raise without robust and wide consultations undertaken within the context of a coherent fiscal policy framework.
