President Bola Tinubu has responded to widespread complaints about multiple taxation in Nigeria by signing four Executive Orders. These orders include the suspension of the five percent Excise Tax on telecommunication services and the escalation of Excise Duties on locally manufactured products. Some of these taxes were initially introduced by former President Muhammadu Buhari.
Speaking at a briefing in the Presidential Villa Abuja, the Special Adviser to the President on Special Duties, Communications, and Strategy, Single Use Plastics, outlined the details of the Executive Orders. President Tinubu also signed the Finance Act (Effective Date Variation) Order, deferring the commencement date of the changes until September 1, 2023, in adherence to the 90-day minimum advance notice for tax changes as outlined in the 2017 National Tax Policy.
Furthermore, the President signed The Customs, Excise Tariff (Variation) Amendment Order, shifting the commencement date of the tax changes to August 1, 2023. These actions aim to alleviate the negative impact of tax adjustments on businesses and households in affected sectors.
President Tinubu additionally suspended the newly introduced Green Tax on Single Use Plastics (SUPs), including plastic containers and bottles, as well as the Import Tax Adjustment levy on certain vehicles.
The President’s objective is to address complaints about multiple taxation and anti-business inhibitions. The Tinubu administration remains committed to creating a conducive environment for businesses to thrive in Nigeria. The government will continue implementing friendly policies and consult widely before considering any further tax increases.
President Tinubu reassures Nigerians that their concerns are being heard and that the government recognizes the crucial role of business owners and investors in driving economic growth and reducing unemployment through job creation.
