{"id":3297,"date":"2023-07-12T10:22:43","date_gmt":"2023-07-12T10:22:43","guid":{"rendered":"https:\/\/placng.org\/Legist\/?p=3297"},"modified":"2023-07-12T10:22:47","modified_gmt":"2023-07-12T10:22:47","slug":"president-tinubus-executive-orders-target-harmonisation-of-taxes","status":"publish","type":"post","link":"https:\/\/placng.org\/Legist\/president-tinubus-executive-orders-target-harmonisation-of-taxes\/","title":{"rendered":"President Tinubu\u2019s Executive Orders Target Harmonisation of Taxes"},"content":{"rendered":"\n<p>President Bola Ahmed Tinubu has issued four Executive Orders to suspend certain fiscal policies contained in the Finance Act 2023 and the 2023 Fiscal Policy Measures (FPM). \u00a0In a statement issued by his spokesperson and Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake, the Executive Orders issued \u00a0include: <\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>The Finance Act (Effective Date Variation) Order, 2023, to postpone the effective date of the Act from 1<sup>st<\/sup> \u00a0May to 1<sup>st<\/sup> September 2023;<\/li><li>The Customs, Excise Tariff (Variation) Amendment Order, 2023 to postpone the date the tax takes effect from 27<sup>th<\/sup> March to 1<sup>st<\/sup> August 2023;<\/li><li>An order suspending the 5% excise tax on telecommunication service and the escalation of excise duties on locally manufactured products;<\/li><li>An order suspending Green Taxes\u00a0 in the form of \u00a0import tax adjustment levy on some vehicles and excise tax on single-use plastics and; <\/li><\/ol>\n\n\n\n<p>According\nto his spokesperson, the orders signed to vary the commencement date of the\nFinance Act and the customs, excise tariff and are in accordance with the 90\ndays minimum advance notice for tax changes contained in the National Tax\nPolicy of 2017. <\/p>\n\n\n\n<p>It\nwill be recalled that the former President Muhammadu Buhari signed the Finance\nAct 2023 in May 2023. Some of the changes introduced by the Act include the\nincrease of education tax from 2.5% to 3 %, introduction of 0.5% levy on goods\nimported into Nigeria from outside of Africa, elimination of double Value Added\nTax (VAT) on goods purchased from a supplier who is not resident in Nigeria,\namong others. <\/p>\n\n\n\n<p>Nigeria\u2019s\n2023 Fiscal Policy Measures (FPM) approved by the Buhari administration\nconfirmed the 5% tax on telecommunication services provided by mobile telephony\nservice providers &nbsp;and operators, as introduced\nby the Finance Act 2020. In addition, the FPM retained the previously\nintroduced N10 per litre excise duty on non-alcoholic beverages,&nbsp; increased excise duty on alcoholic beverages,\ntobacco and cigarettes and introduced green taxes in the form of tax surcharges\non some vehicles and excise duties on single-use plastics. <\/p>\n\n\n\n<p>The\nExecutive Orders to suspend certain taxes were commended in some quarters, as\nan alleviation of the tax burden on individuals and organisations at a time of\nworsening economic conditions. Although the suspended taxes had not yet been\nimplemented, experts describe the suspension as a prevention of increased\nprices of goods and services which may have resulted in further inflation, amid\nthe already high cost of living. However, some other observers are of the\nopinion that there are many more tangible things that the Tinubu administration\nneeds to pursue to ease the suffering of citizens at this time. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Bola Ahmed Tinubu has issued four Executive Orders to suspend certain fiscal policies contained in the Finance Act 2023 and the 2023 Fiscal Policy Measures (FPM). \u00a0In a statement issued by his spokesperson and Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake, the Executive Orders issued \u00a0include: The Finance [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-3297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/comments?post=3297"}],"version-history":[{"count":1,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3297\/revisions"}],"predecessor-version":[{"id":3301,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3297\/revisions\/3301"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media\/3299"}],"wp:attachment":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media?parent=3297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/categories?post=3297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/tags?post=3297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}