From Victor Osula, Abuja
The Nigeria business community and the public have cause to heave a sigh of relief as their agitation for business- friendly policies by government received a boost on Thursday when President Bola Tinubu signed four Executive Orders comprising the suspension of the 5 per cent Excise Tax on telecommunication services as well as the excise duties increase on locally made products.
Former Minister of Communication and Digital Economy, Isa Pantami had argued vehemently against the 5 perc ent tax on telecommunication to the point of clashing with ex-Minister of Finance, Zainab Ahmed.
Disclosing the new regime, the Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake told State House correspondents on Thursday at the Presidential Villa Abuja, that the President also signed the Finance Act (Effective Date Variation) Order, 2023, which now defers the commencement date of the changes contained in the Act from May 23, 2023 to September 1, 2023.
The new implementation date, Alake said, is to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
The Customs, Excise Tariff (Variation) Amendment Order, 2023, was also shifted from the earlier commencement date of March 27, 2023 to August 1, 2023 and also in line with the National Tax Policy.
Furthermore, the President also ordered the suspension of 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.
According to Alake, the President took the measures to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.
He added that the President’s commitment to reviewing complaints about multiple taxation, local and anti-business inhibitions and gave the assurance that the Tinubu administration will continue to give requisite stimulus by way of friendly policies to allow businesses to flourish in the country.
Alake said the “President wishes to reiterate his commitment to reviewing complaints about multiple taxation, and anti-business inhibitions because the government sees business owners, local and foreign investors as critical engines in its focus on achieving higher GDP growth and appreciable reduction in unemployment rate through job creation.
“The government will, therefore, continue to give requisite stimulus by way of friendly policies to allow businesses to flourish in the country.
“President Bola Tinubu wishes to assure Nigerians by whose sacred mandate he is in power that there will not be further tax raise without robust and wide consultations undertaken within the context of a coherent fiscal policy framework.”
