President Bola Tinubu of Nigeria has reinstated a 5% tax on telecommunications businesses, months after his predecessor Muhammadu Buhari suspended the charge due to worries about laying an additional strain on an already ailing sector of the economy.
Dele Alake, the president’s spokesman, said the duty would go into force on September 1, thereby restoring a regulation that the previous administration deemed too draconian for execution and repealed in March.
In an announcement made Thursday afternoon, the administration also halted the application of the green tax on single-use plastic and bottles, as well as an import tax adjustment fee on specific automobiles.
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The decision was made to reduce the financial load on the general public. It happened just weeks after the president eliminated fuel subsidies and placed new levies on car owners and businesses.
The president signed the Customs and Excise Tariff Amendment Order, 2023, saying that the tax adjustments would begin on August 1, 2023, rather than March 27, 2023.
He also signed the Finance Act Order 2023, which moves the start date of the Act’s modifications from May 23, 2023 to September 1, 2023.
“Suspension of the newly introduced green tax on single-use plastics and the import tax adjustment levy on certain vehicles” would take effect immediately, Mr Alake said.
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The administration stated that it would continue to implement supportive policies that promote and foster businesses across the country, while assuring Nigerians that any tax increases in the near future would be subject to consultation.
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