Damilare Adeleye
President Bola Ahmed Tinubu has on Thursday signed four Executive Orders aimed at facilitating people-centered policies to address business unfriendly fiscal policy measures and multiplicity of taxes.
Mr. Dele Alake, the Special Adviser to the President on Special Duties, Communication and Strategy, made this known on Thursday while briefing State House reporters at the Presidential Villa.
He pointed out that the orders were presidential interventions to address key concerns of manufacturers and other stakeholders regarding some recent tax changes.
He said the first one of the order 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.
According to him, 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.
Thirdly, the President has signed 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.
He added that the President had ordered the suspension of Import Tax Adjustment levy on certain vehicles.
The presidential spokesman said Tinubu issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and choke hold 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 wide consultations undertaken within the context of a coherent fiscal policy framework,” Mr Alake added.