President Tinubu also signed The Customs, Excise Tariff (Variation) Amendment Order, 2023 where he shifted the commencement date of the tax changes from March 27, 2023 to August 1, 2023.
This he said is in line with the National Tax Policy.
Special Adviser to the President on Special Duties, Communications ans Strategy, Dele Alake explained that the President ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles.
He also suspended the Import Tax Adjustment levy on certain vehicles.
Alake said the orders are meant to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.
However, he reiterated the President’s commitment to reviewing complaints about multiple taxation, local and anti-business inhibitions.
Alake noted that President Tinubu administration will, therefore, continue to give requisite stimulus by way of friendly policies to allow businesses to flourish nationwide.
The President assured Nigerians that there will not be further tax raise without a robust and wide consultations undertaken within the context of a coherent fiscal policy framework.
President Tinubu’s interventions also include the suspension of the five per cent Excise Tax on telecommunication services and excise duty on locally produced products. While Executive Order 4 is the suspension of the newly introduced Green Tax on Single Use Plastics and the Import Tax Adjustment levy on certain vehicles.