Earlier today, the President of Nigeria, Bola Ahmed Tinubu, signed four executive orders that are meant to ease Tax burdens on various businesses in Nigeria.
The special adviser to the president on Special duties, communications and startegy Dele Alake, briefed the media on the following:
To address concerns raised by manufacturers and other stakeholders regarding recent tax changes, President Bola Tinubu has signed 4 executive orders:
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 produts.
4 – Suspension of the newly introduced Green Tax on Single Use Plastics and the Import Tax Adjustment levy on certain vehicles.
