JUST IN: President Bola Tinubu Signs Executive Orders, Suspends 5% Cent Excise Tax On Telecoms

President Bola Tinubu has signed four Executive Orders one of which is the suspension of the five per cent Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.

Tinubu’s Special Adviser on Special Duties, Communications and Strategy, Dele Alake announced this on Thursday while briefing journalists at the State House in Abuja.

Alake said the president also signed the Finance Act (Effective Date Variation) Order, 2023, which now defers the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.

This, the presidential spokesman said, is to ensure adherence to the 90 days’ minimum advance notice for tax changes as contained in the 2017 National Tax Policy.

The president also signed The Customs, Excise Tariff (Variation) Amendment Order, 2023, shifting the commencement date of the tax changes from March 27, 2023, to August 1, 2023, and also in line with the National Tax Policy.

Tinubu also ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single-Use Plastics, including plastic containers and bottles as well as the suspension of Import Tax Adjustment levy on certain vehicles.

Alake equally explained that the President issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.

He however reiterated the President’s commitment to reviewing complaints about multiple taxation, local and anti-business inhibitions.

He also noted that President Tinubu’s administration will, therefore, continue to give requisite stimulus by way of friendly policies to allow businesses to flourish in the country.

The President assured Nigerians that there will not be further tax raise without robust and wide consultations undertaken within the context of a coherent fiscal policy framework.

In other news, Kanyi Daily reported that Nigerian singer, Abbey Toyyib Elias, popularly known as Skibii has narrated how his career soared with the news of his demise.

Skibii stated this in an interview with Adesope on the Afrobeats Podcast which has now gone viral.

He said the cause of the rumours was that he was struggling with a condition that frequently made him lose consciousness.