President Bola Tinubu has signed four executive orders to ease tax burdens on businesses.
Gatekeepers News reports that the executive order includes the suspension of the 5% excise tax on telecommunication services, as well as the excise duties escalation on locally manufactured products.
Special Adviser on Special Duties, Communications and Strategy to the president, Dele Alake disclosed this to state house correspondents.
Alake noted that this was to To address concerns raised by manufacturers and other stakeholders regarding recent tax changes.
The four signed Executive orders:
- The Finance Act Order, 2023, which defers the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.
- Customs Excise Tariff Amendment Order, 2023, shifts the commencement date of tax changes from March 27, 2023, to August 1, 2023.
- Suspension of the 5% Excise Tax on telecommunication services and excise duty on locally products.
- Suspension of the newly introduced Green Tax on Single Use Plastics and the Import Tax Adjustment levy on certain vehicles.
