President Bola Tinubu has signed four Executive Orders into law to curb arbitrary taxation policy in the country.
One of the orders is the Finance Act Order, 2023, which deferred the commencement date of the changes contained in the Act from May 23, 2023 to September 1, 2023.
This is to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
The second Order involves the Customs, Excise Tariff (Variation) Amendment Order, 2023 whose commencement has been shifted from March 27, 2023 to August 1, 2023
According to Special Adviser, Special Duties, Communication and Strategy, to the President, Dele Alake, Tinubu gave an Order suspending the 5% Excise Tax on telecommunication services, Excise Duties escalation on locally manufactured products and Import Tax Adjustment levy on certain vehicles.
Alake said the President took the decisions to reduced the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.
