President Bola Tinubu this morning in Abuja signed 4 executive orders to ease the tax on Nigerian businesses. This step is duly inline with the President continued policy to promote businesses and ease the impact of subsidy on the common man.
Special adviser to the president on Special duties, communications and strategy, Dele Alake briefed the media on the recent tax changes
1 – The Finance Act Order, 2023, which defers the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.
2 – Customs Excise Tariff Amendment Order, 2023, shifts the commencement date of tax changes from March 27, 2023, to August 1, 2023.
3 – Suspension of the 5% Excise Tax on telecommunication services and excise duty on locally produced products.
4 – Suspension of the newly introduced Green Tax on Single Use Plastics and the Import Tax Adjustment levy on certain vehicles.
