Tinubu Files Executive Orders Discontinues 5% Excise Tax On Telecoms

President Bola Tinubu has endorsed four Executive Orders one of which is the recess of the five percent Excise Tax on telecommunication services as well as the Excise Duties increased on locally manufactured products.

The Special Adviser to the President on Special Duties, Communications, and Strategy, Dele Alake declared this on Thursday while enlightening journalists at the State House in Abuja.

He stated that the President also signed the Finance Act (Effective Date Variation) Order, 2023, which now defers the commencement date of the modifications 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.

President Tinubu also signed 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.

Tinubu also ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single-Use Plastics, including plastic containers and bottles as well as the suspension of Import Tax Adjustment levy on certain vehicles.

Alake equally explained that the President issued these orders to lessen the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.

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

He also noted that President Tinubu’s administration will, therefore, continue to give requisite stimulus by way of friendly policies to allow businesses to grow in the country.

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

Edited by Damilola Adeleke