Abuja, July 6, 2023 – In the bid to create more conducive environment for businesses to thrive in the country, President Bola Tinubu has signed four Executive Orders.
Dele Alake, the Special Adviser to the President on Special Duties, Communication and Strategy, told state House correspondents in Abuja on Thursday that the Executive orders were to create improved environment for businesses to thrive.
One of the Executive Orders is the Finance Act (Effective Date Variation) Order, 2023, has now deferred the commencement date of the Act from May 23, 2023 to September 1, 2023.
The Executive order is to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
The second is the Customs, Excise Tariff (Variation) Amendment Order, 2023.
This has 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.
He said Mr President has given an Order suspending the 5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.
“Further to his commitment to creating a business-friendly environment, the President has ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles.
“In addition, the President has ordered the suspension of Import Tax Adjustment levy on certain vehicles.
“As a listening leader, the President issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.
“His Excellency will not exacerbate the plight of Nigerians,” Alake said. (GBN)
