Mr Tinubu will not exacerbate the plight of Nigerians, a statement said.
has suspended the newly introduced Green Tax by way of Excise Tax on Single-Use Plastics, including plastic containers and bottles.
The President has also signed an Executive Order suspending the “5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.”, Special Adviser to the President on Special Duties, Communications and Strategy, said that Mr Tinubu also ordered the suspension of the Import Tax Adjustment levy on certain vehicles.
The statement noted that Mr Tinubu issued these orders to alleviate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.The statement noted that the Tinubu Administration has since noticed that some of the tax policies are being implemented retroactively with their commencement dates, in some instances, pre-dating the official publication of the relevant legal instruments backing the policies.
“However, they have generated some significant challenges for, and elicited serious complaints amongst key stakeholders as well as in the business community,” the statement said. Based on the new executive orders, the Finance Act Order, 2023, has now deferred the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023. This is to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy, the statement said.“This 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,” it said.
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