President Bola Tinubu has signed four executive orders, including the suspension of the 5% excise tax on telecommunication services and the escalation of excise duty on locally produced goods, in an effort to reduce the number of taxes, as has been complained about by a cross-section of Nigerians and the business community.
The 2023 Finance Act 2023 was also halted by the President, delaying its start date from the 28th of May 28, 2023, to the 1st of September, 2023.
It was gathered that quite a number of the suspended taxes were issued through Executive Orders by former President Muhammadu Buhari at the twilight of his administration.
They include Corporate Income tax, Import duties, Export duties, Excise duties, Rents, Capital Gains tax, Personal Income tax, Value Added tax, Stamp duties, Property tax, Licenses, Motor Parking fee, Motor Vehicle fee, Withholding tax, Land tax, Market License fee, Road tax, Business Premises, dividend tax, NHIS levy, Advert fee, Regulation fees, the new NYSC levy.
The Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake, made this disclosure on Thursday while briefing State House correspondents on Thursday at the Presidential Villa Abuja.
According to him, some of the tax policies are being implemented retroactively with their commencement dates, and in some instances, pre-dating the official publication of the relevant legal instruments backing them.
Alake had led the members of the administration’s Revenue Team to brief State House newsmen at the Presidential Villa, Abuja.
Blaze Fm