Maritime

Breaking! President Tinubu orders suspension of Import Tax Adjustment levy on vehicles.

Breaking! President Tinubu orders suspension of Import Tax Adjustment levy on vehicles.

 

President Bola Ahmed Tinubu on Thursday, ordered the suspension of the Import Tax Adjustment levy on certain vehicles imported into the country.

The Import Tax Adjustment levy on certain vehicles is aimed at alleviating the negative impact of tax adjustments on businesses and households.

Happy Diamond Age

They are contained in the four Executive Orders signed into law by the President aimed at curbing arbitrary taxation in the country

The Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake made this public during his interactive session with State House Correspondents in Abuja on Thursday.

According to Alake, besides the suspension of the Import Tax Adjustment Levy, President Tinubu also approved the shifting of the commencement date of the Customs, Excise Tariff (Variation) Amendment Order date to August 1, 2023.

One of the Orders, the Finance Act (Effective Date Variation) Order, defers the commencement date of changes in the Act to September 1, 2023, ensuring adherence to the 90-day notice for tax changes.

The President also suspended the 5% Excise Tax on telecommunication services, the Excise Duties escalation on locally manufactured products, and the newly introduced Green Tax on single-use plastics.

“Further to his commitment to creating a business-friendly environment, the President has ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles.

ALSO READ  Over N1 Trillion commercial goods exported through Tincan Island port in first half of 2024 – Comptroller Nnadi, Tincan Customs boss

“In addition, the President has ordered the suspension of Import Tax Adjustment levy on certain vehicles.

“As a listening leader, the President issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.

“His Excellency will not exacerbate the plight of Nigerians,” Alake stated.

However, The verdict Checks revealed that the newly signed executive Orders by the president was a subtle way of addressing the apprehension of importers and clearing agents over the prohibitive cost of clearing goods at the nation’s seaports, which they said was killing businesses and making the prices of goods manufactured in Nigeria more expensive.

Specifically, importers and licenced customs agents have continued to frown at the policy of e-valuation, duty benchmarking and the collection of 15 percent National Automotive Council Levy by the Nigeria Customs Service (NCS).

These charges, coupled with other underhand dealings by customs officers and other multivarious security agencies, according to them, have aggravated high cost of clearing, even as it made Nigerian Ports less attractive to import and export businesses.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button