President Bola Ahmed Tinubu has just signed four Executive Orders in fulfilment of his pledge to put Nigerians at the centre of government policies and address issue of the multiplicity of taxes.
Alake said the Executive Orders were presidential interventions to address critical concerns of manufacturers and other stakeholders regarding some recent tax changes.
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.
The third order, Alake said, is the one suspending the 5% Excise Tax on telecommunication services and the Excise Duties escalation on locally manufactured products. While the fourth is the suspension of the newly introduced Green Tax by way of Excise Tax on Single-Use Plastics, including plastic containers and bottles.
He added that the President had ordered the suspension of Import Tax Adjustment levy on certain vehicles, adding that Tinubu issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.
“The Federal government sees business owners, local and foreign investors as critical engines in its focus on achieving higher GDP growth and an appreciable reduction in the unemployment rate through job creation.
“The government will, therefore, continue to give requisite stimulus by way of friendly policies to allow businesses to flourish in the country.
“President Bola Tinubu wishes to assure Nigerians by whose mandate he is in power that there will not be further tax raise without robust and wise consultations undertaken within the context of a coherent fiscal policy framework,” Alake said.