…Says he will not suffocate Nigerians
Hassan Umar Farouk
President Bola Ahmed Tinubu yesterday reversed some of the taxes imposed in the last-minute Fiscal Policy Measures, (FPM), which was signed by former President Muhammadu Buhari.
These four Executive Orders signed by the President, including suspending the 5% excise tax on telecom services, was announced by Special Adviser on Special Duties, Communications and Communications and Strategy, Dele Alake, at a press briefing in the Presidential Villa, Abuja.
The taxes were stepped down in fulfillment of the administrations promise to address business-unfriendly fiscal policy measures and multiplicity of taxes, and the presidents pledge that he will not suffocate Nigerians.
The taxes include the suspension of the controversial 5 percent Excise Tax on Telecommunications services; the 10 percent Green Tax by way of Excise Tax on Single Use Plastics and the suspension of Import Tax Adjustment levy on certain vehicles.
Recall that Buharis Finance Minister, Zainab Ahmed, had in a circular, titled: Approval for the Implementation of the 2023 Fiscal Policy Measures and Tariff Amendments, introduced the tax which took effect June 1, 2023.
The FMP signed by Buhari introduced additional excise taxes ranging from 20 percent to 100 percent increase on previously approved rates for alcoholic beverages, tobacco, wines and spirits have been introduced effective from 1 June 2023.
Dele Alake, said the Orders are issued to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.
