Breaking: Tinubu suspends 5% telecoms tax, defers implementation of Finance Act

ADEKUNLE ADESUJI, Abuja

President Bola Ahmed Tinubu on Thursday signed four Executive Orders in fidelity to the pledge to put Nigerians at the centre of government policies and address business unfriendly fiscal policy measures and multiplicity of taxes.

He suspended the five percent Telecommunications tax contained in the Finance Act.

Special Adviser to the President on Special Duties, Communication and Strategy, Mr Dele Alake, made this known while briefing State House correspondents in Abuja

He explained that  they were presidential interventions to address key concerns of manufacturers and other stakeholders regarding some recent tax changes.

Alake said, “the first one is The Finance Act (Effective Date Variation) Order, 2023, which has now deferred the commencement date of the changes contained in the Act from May 23, 2023 to September 1, 2023 to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.”

“The second one is The Customs, Excise Tariff (Variation) Amendment Order, 2023 which has also shifted the commencement date of the tax changes from March 27, 2023 to August 1, 2023 and also in line with the National Tax Policy.”

Alake added that the President Tinubu had given an Order suspending the 5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.

In addition, he said the President had ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles.

Alake said the President had ordered the suspension of Import Tax Adjustment levy on certain vehicles.

The presidential spokesman said Tinubu issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors, stating that the president will not exacerbate the plight of Nigerians.

For a better society

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