Nigeria's President, Ahmed Bola Tinubu, has taken significant steps to alleviate the tax burden on businesses by signing a series of executive orders. Dele Alake, the Special Adviser to the President on Special Duties, Communications, and Strategy, provided the media with the following details:
To address the concerns expressed by manufacturers and other stakeholders regarding recent tax changes, President Bola Tinubu has signed four executive orders:
1. The Finance Act Order of 2023, which postpones the implementation date of the changes outlined in the Act from May 23, 2023, to September 1, 2023.
2. The Customs Excise Tariff Amendment Order of 2023, which delays the effective date of tax adjustments from March 27, 2023, to August 1, 2023.
3. The suspension of the 5% excise tax on telecommunication services and the excise duty on locally produced products.
4. The suspension of the recently introduced Green Tax on Single Use Plastics and the Import Tax Adjustment levy on certain vehicles.
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