Four executive orders have been signed by President Bola Tinubu, one of which suspends the 5% excise tax on communications services and increases excise duties on domestically produced goods.

The Finance Act (Effective Date Variation) Order, 2023 is one of them and it delays the start of the modifications made by the Act from May 23, 2023, to September 1, 2023.

Dele Alake, the President’s Special Adviser on Special Duties, Communications, and Strategy, made this announcement on Thursday while briefing State House reporters at the Presidential Villa in Abuja.

This, according to Alake, is done to guarantee that the act complies with the National Tax Policy 2017’s requirement for a 90-day notice period.

In accordance with the National Tax Policy, President Tinubu also signed The Customs, Excise Tariff (Variation) Amendment Order, 2023, delaying the start of the tax revisions from March 27, 2023, to August 1, 2023.

Alake continued by saying that the President has issued an executive order suspending the recently enacted Green Tax via Excise Tax on Single Use Plastics, such as plastic bottles and containers.

He also stopped charging some vehicles with the Import Tax Adjustment Levy.

According to the presidential spokesman, these orders are intended to lessen the adverse effects of the tax modifications on enterprises and the stranglehold they have on households in all impacted sectors.

He reaffirmed the President’s promise to look into complaints about various taxes, municipal regulations, and barriers to business, though.

Alake stated that in order to ensure that businesses may grow all around the country, the Tinubu administration will continue to provide the necessary stimulus.

The President reassured Nigerians that there won’t be any additional tax increases until extensive and thorough consultations have been conducted within the framework of a cogent fiscal policy framework.

The President assured Nigerians that there will not be further tax raise without a robust and wide consultations undertaken within the context of a coherent fiscal policy framework.

President Tinubu’s interventions also include the suspension of the five per cent Excise Tax on telecommunication services and excise duty on locally produced products. While Executive Order 4 is the suspension of the newly introduced Green Tax on Single Use Plastics and the Import Tax Adjustment levy on certain vehicles.
Details later.