In an effort to rein in the country’s notoriously capricious tax policy, President Bola Ahmed Tinubu has signed four Executive Orders into law
Dele Alake, the President’s Special Adviser for Special Duties in Communication and Strategy, made the announcement on Thursday during a Q&A with State House Correspondents.
The Finance Act (Effective Date Variation) Order, 2023, one of the President’s signed Executive Orders, moves the start date of the Act’s provisions from May 23, 2023, to September 1, 2023. This will help guarantee that the 2017 National Tax Policy’s requirement that tax adjustments be announced 90 days in advance is met.
The Customs, Excise Tariff (Variation) Amendment Order, 2023 is the subject of the second Order.
According to Alake, this move brings the new tax rules into accordance with the National Tax Policy and pushes back their implementation date from March 27, 2023 to August 1, 2023.
He said that the President had issued an order stopping the planned increase in excise taxes on domestically produced goods and services by five percent.
The President has suspended the recently implemented Green Tax in the form of an Excise Tax on Single Use Plastics, such as plastic containers and bottles, in order to further his commitment to building a business-friendly climate.
The Import Tax Adjustment levied on certain automobiles has also been temporarily suspended under the President’s decree.
In his capacity as a responsive head of state, the President issued these directives to ease the strain on enterprises and households caused by the tax changes.
It is not His Excellency’s intention to make the situation in Nigeria any worse, Alake said.