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Tinubu Orders The Suspension Of Import Tax Adjustment Levy On Certain Vehicles
President Bola Tinubu orders the suspension of major tax measures, including import Tax Adjustment Levy on certain vehicles.
The president also suspended the Excise Duties escalation on locally manufactured products.
Some of the taxes suspended were issued through Executive Orders by former President Muhammadu Buhari.
They include Corporate Income tax, Import duties, Export duties, Motor Parking fee, Motor Vehicle fee and Road tax.
President Bola Ahmed Tinubu has signed four executive orders, suspending major tax measures in a bid to curb multiple taxations as complained by a cross-section of Nigerians.
The Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake, made this known in a statement on Thursday.
The executive order signed by President Tinubu includes the suspension of the Import Tax Adjustment levy on certain vehicles as the Excise Duties escalation on locally manufactured products.
According to Alake, the decision reflects Tinubu’s commitment to fostering a business-friendly environment and alleviating the burdens faced by businesses and households in affected sectors.
Some of the taxes suspended by President Tinubu were issued through Executive Orders by former President Muhammadu Buhari at the twilight of his administration.
They include Corporate Income tax, Import duties, Export duties, Excise duties, Rents, Capital Gains tax, Personal Income tax, Value Added tax, Stamp duties, Property tax, Licenses.
Others are Motor Parking fee, Motor Vehicle fee, Withholding tax, Land tax, Market License fee, Road tax, Business Premises, dividend tax, NHIS levy, Advert fee as well as the new NYSC levy.
