President Bola Tinubu is considering a six months suspension of the collection of taxes, levies or charges in business of few sectors of the economy.
Recipients of the tax suspension will include Okada riders, transporters of goods, fuel transporters, wheelbarrow and cart pushers, shops owners, market traders, amongst others.
This was contained in a draft executive order titled, “Inflation reduction and price stability (fiscal policy measures, etc.) order 2024, dated May 1, which is aimed at bringing down inflation and the prices of food items across the country.
According to the draft executive order, the president said he was exercising the powers conferred on him by section 5 of the Nigerian constitution (as amended), Section 38 of the Value Added Tax Act, Cap,V1 2004 (as amended), and other powers.
The suspension, the draft order revealed, is for “road haulage tax and any other levy or charges on transportation of goods; bicycle, truck, canoe, wheelbarrow and cart fees.”
Others include: “business premises registration; shops, kiosks, and market taxes and levies; animal trade and produce sales tax; further suspension of VAT and diesel (AGO).”
The draft order also directed that “States and Local Governments shall take appropriate steps to support the implementation of the tax suspension.”
