President Bola Ahmed Tinubu has reversed some of the taxes imposed in the last-minute Fiscal Policy Measures (FPM) which was signed by former President Muhammadu Buhari, saying he will not suffocate Nigerians.
The taxes were stepped down in an Executive Order by the president on Thursday, July 6, 2023.
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.
Buhari’s Finance Minister, Zainab Ahmed, had in a circular reference number, HMFBNP/MDAs/CIRCULAR/2023FP//04 and 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 per cent to 100per cent increase on previously approved rates for alcoholic beverages, tobacco, wines and spirits have been introduced effective from 1 June 2023.
