Toba Owojaiye ReportingÂ
President Bola Ahmed Tinubu has taken significant action by signing four Executive Orders into law to tackle arbitrary taxation policies in the country. The announcement was made by Dele Alake, the Special Adviser on Special Duties, Communication, and Strategy to the President, during an interactive session with State House Correspondents on Thursday.
One of the Executive Orders signed by the President is the Finance Act (Effective Date Variation) Order, 2023. This order defers the implementation of the changes outlined in the Act from May 23, 2023, to September 1, 2023. The purpose of this deferral is to ensure compliance with the 90-day minimum advance notice for tax changes, as outlined in the 2017 National Tax Policy.
Another Executive Order pertains to the Customs, Excise Tariff (Variation) Amendment Order, 2023. This order shifts the effective date of the tax changes from March 27, 2023, to August 1, 2023, aligning it with the National Tax Policy.
Additionally, President Tinubu has issued an Order suspending the 5% Excise Tax on telecommunication services and the escalation of Excise Duties on locally manufactured products. This decision demonstrates his commitment to fostering a business-friendly environment.
Furthermore, in response to concerns about the newly introduced Green Tax, the President has ordered the suspension of the Excise Tax imposed on Single Use Plastics, including plastic containers and bottles. This move underscores President Tinubu’s dedication to balancing environmental sustainability with economic considerations.
These Executive Orders are expected to play a crucial role in curbing multiple taxation and creating a more favorable environment for businesses in the country.