Sophia Michaels
Shehu Sani, a former Kaduna Central lawmaker has commended President Bola Tinubu for adjusting some of the tax laws implemented by the immediate past administration of ex-President Muhammadu Buhari.
Recall that the administration of President Bola Tinubu said on Thursday that upon assumption of office, it noticed some issues that need to be corrected regarding certain tax changes introduced by the Muhammadu Buhari administration.
According to a statement by Tinubu’s special adviser on special duties, communication, and strategy, Dele Alake, the step taken is in further demonstration of the commitment of the President to listen to Nigerians and act on their concerns.
The adjustments made by President Tinubu are:
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.
Reacting on Twitter, Sani wrote: “Abolishing the tax tyrannies of the Buhari regime is commendable. Businesses that benefited from this suspension must reduce the cost of their goods or services.”
