Just in: President Tinubu orders the suspension of import tax adjustment levy on certain vehicles, others

President Bola Tinubu has signed four Executive Orders one of which is the suspension of the import tax adjustment levy in certain vehicles.

According to the Sun, the Special Adviser on Special Duties, Communications and Strategy, Dele Alake announced this on Thursday while addressing State House Correspondents at the Presidential Villa Abuja.

Alake said the President issued these among other orders to ameliorate the negative impacts of the tax adjustments on businesses and chok£hold on households across affected sectors.

He reiterated the President’s commitment to reviewing complaints about multiple taxation, local and anti-business inhibitions.

He assured that the Tinubu administration will continue to give requisite stimulus by way of friendly policies to allow businesses to flourish in the country.

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

The President also made three additional orders which include, the suspension of the 5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.

The signing of the Customs’ Excise Tariff (Variation) Amendment Order, 2023, shifting the commencement date of the tax changes from March 27, 2023, to August 1, 2023, and also in line with the National Tax Policy.

And, the suspension of the newly introduced Green Tax on Single Use Plastics (SUPs), including plastic containers and bottles. Alake stated 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.

According to the presidential spokesman, this is to ensure adherence to the 90 days’ minimum advance notice for tax changes as contained in the 2017 National Tax Policy.