Prof Abiola Sanni, a don of Commercial Law at the University
of Lagos, said President Bola Ahmed Tinubu’s decision to suspend the 2023
Finance Act, telecoms, import and other taxes had shown the highest political
will to improve Nigeria’s business environment.
Sanni disclosed this on Friday in a Channels Television
Interview.
The tax and fiscal policy don noted that Tinubu’s four
executive orders to suspend arbitrary taxes would bring short-term reprieve for
shareholders in the nation’s economy.
He advised that some aspects of the Finance Act, such as the
telecoms tax, should be abolished.
However, Sanni urged that the aspect of green tax looks
promising.
“It demonstrates political will from the highest level to
arrest the drift. I thank the president for coming through for stakeholders.
Also, kudos to the stakeholders for their doggedness.
“It is a step in the right direction. But this is not about
suspension but also about postponing commencement day because enforcing the
2023 Finance Act is already problematic.
“While stakeholders would clamour for total abolition, I
think what we have now offered some reprieve, bearing in mind this new
Administration is just settling; there are no ministers in place. It is a
measure to buy time for consultation. There are aspects of the Finance Act that
need to be thrown away. For instance, I don’t believe in the 5 per cent tax for
telecoms because clearly, that is double taxation but an aspect of green tax
offer some promise,” he said.
The president had on Thursday issued four executive orders
to suspend the implementation of the 2023 Finance Act, Corporate, import,
export, vehicle and other taxes.
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