President Bola Tinubu has signed four executive orders to ease tax burdens on small businesses.
The orders are suspension of the 5% excise tax on telecommunication services, as well as the excise duties escalation on locally manufactured products.
Special Adviser on Special Duties, Communications and Strategy to the president, Dele Alake told State House Correspondents that tte steps will ddress concerns raised by manufacturers and other stakeholders regarding recent tax changes.
The four signed Executive orders are:the Finance Act Order, 2023, which defers the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023; Customs Excise Tariff Amendment Order, 2023, shifts the commencement date of tax changes from March 27, 2023, to August 1, 2023;
Suspension of the 5% Excise Tax on telecommunication services and excise duty on locally products as well as Suspension of the newly introduced Green Tax on Single Use Plastics and the Import Tax Adjustment levy on certain vehicles.