President Bola Ahmed Tinubu has taken decisive action to address multiple taxation in Nigeria by signing three executive orders that suspend major tax measures. The measures aim to provide clarity and sufficient notice for tax adjustments, in line with the guidelines outlined in the 2017 National Tax Policy.
Dele Alake, the President’s Special Adviser on Special Duties, Communications, and Strategy, announced these orders at the Presidential Villa on Thursday.
The first executive order signed by President Tinubu is the Finance Act (Effective Date Variation) Order, 2023. This order postpones the implementation of changes specified in the Act from May 23, 2023, to September 1, 2023. By doing so, it ensures compliance with the requirement of providing a 90-day advance notice for tax changes.
The second order, known as the Customs Excise Tariff (Variation) Amendment Order, 2023, also adjusts the commencement date of tax changes.
Initially scheduled for March 27, 2023, these changes will now be effective from August 1, 2023, aligning with the guidelines of the National Tax Policy.
According to Alake, these decisions reflect President Tinubu’s commitment to creating a business-friendly environment and alleviating the burdens faced by businesses and households in the affected sectors.
Additionally, the President has ordered the suspension of the newly introduced Green Tax, which includes an Excise Tax on Single Use Plastics, encompassing plastic containers and bottles. This move demonstrates the government’s responsiveness to the concerns raised by businesses and the wider community.
