By Tony Obiechina, Abuja
Economic and Capital Market expert, Professor Uche Uwaleke has commended President Bola Ahmed Tinubu for signing four Executive Orders on Excise Tax on telecommunications services.
One of the Executive Orders signed by the President on Thursday is the suspension of the five per cent Excise Tax on telecommunication services and the Excise Duties escalation on locally manufactured products.
Reacting to the development in a statement on Thursday, Uche Uwaleke described the President’s action as a welcome development
The statement reads: “The recently signed Executive Orders represent a welcome development as they will no doubt enhance the business environment and consequently improve the country’s ranking in the Ease of Doing Business.
The suspension of the proposed import tax adjustment levy on certain vehicles and the Excise tax on telecommunications and other locally manufactured products will help to moderate the rising inflation and increase productivity.
Also, the Finance Act Variation Order 2023 is equally in order to enable taxpayers adjust to the new provisions in line with the National Tax Policy.
Much as these developments will help moderate rising the inflation, more measures with direct impact on the population need to be put in place in order to significantly ameliorate the adverse consequences of the fuel subsidy removal. These should include the immediate roll out of palliatives promised by the government”
Among the Executive Orders is The Finance Act (Effective Date Variation) Order, 2023, which defers the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.
President Tinubu also signed The Customs, Excise Tariff (Variation) Amendment Order, 2023, shifting the commencement date of the tax changes from March 27, 2023 to August 1, 2023 and also in line with the National Tax Policy.
