Tinubu reverses Buhari’s fiscal policies unfriendly to business

* Suspends 5% Excise Tax on telecommunications, Green Tax and Import Tax adjustment

* Assures there will be no further tax raise without consultations

By Jon Egie

President Bola Tinubu has reversed some fiscal policies of the defunct Buhari administration that were unfriendly to business.

In a press briefing held today at the State House, Special Adviser to the President on Special Duties, Communications and Strategy, Mr Dele Aleke said that in keeping with his promise to address business unfriendly fiscal policy measures and multiplicity of taxes, President Bola Tinubu, kept faith with his pledge to put Nigerians at the centre of government policies, and has signed the following Executive Orders:

I) The Finance Act (Effective Date Variation) Order, 2023, which has now deferred the commencement date of the changes contained in the Act from May 28, 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.

II) The Customs, Excise Tariff (Variation) Amendment Order, 2023. This 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.

III) The President has given an Order suspending the 5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.

IV). Further to his commitment to creating a business-friendly environment, the President has ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles. In addition, the President has ordered the suspension of Import Tax Adjustment levy on certain vehicles.

According to him, President Tinubu issued those orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.

” The President wishes to reiterate his commitment to reviewing complaints about multiple taxation and anti-business inhibitions.

” The Federal Government sees business owners, local and foreign investors as critical engines in its focus on achieving higher GDP growth and appreciable reduction in 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 sacred mandate he is in power, that there will not be further tax raise without robust and wide consultations undertaken within the context of a coherent fiscal policy framework.” Dele Aleke said.