- Advertisement -spot_img
34.3 C
Lagos
HomeTop NewsPresident Tinubu signs 4 executive orders, suspends 5% excise tax on telecom,...

President Tinubu signs 4 executive orders, suspends 5% excise tax on telecom, import levy on vehicles

- Advertisement -spot_img

President Bola Tinubu on Thursday signed four executive orders, including the suspension of the five percent excise tax on telecommunication services, as well as the excise duties escalation on locally manufactured products.

Among them is the Finance Act (Effective Date Variation) Order, 2023, which defers the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.

Presidential spokesman, Dele Alake, announced this on Thursday while briefing State House Correspondents at the Presidential Villa, Abuja

Alake said this is to ensure that the act aligns with the 90-day notice period required by the National Tax Policy 2017.

President Tinubu also signed the Customs, Excise Tariff (Variation) Amendment Order, 2023, shifting the commencement date of the tax changes from March 27, 2023, to August 1, 2023, in line with the National Tax Policy.

READ ALSO: All you need to know about Meta new platform, Threads

Alake added that the president also ordered the suspension of the newly introduced Green Tax on Single Use Plastics (SUPs), including plastic containers and bottles.

President Tinubu also ordered the suspension of the Import Tax Adjustment levy on certain vehicles.

Alake said the president issued these orders to ameliorate the negative impact of recent tax adjustments on businesses and the chokehold on households.

He reiterated the president’s commitment to reviewing complaints around multiple taxation, local and anti-business inhibitions.

He assured that the Tinubu administration will continue to give the requisite stimulus by way of friendly policies, to allow businesses to flourish.

He said the president assures Nigerians that there will be no further tax raise without robust and wide consultations within the context of a coherent fiscal policy framework.

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img