In a bid to alleviate the economic burden on small businesses and traders, President Bola Tinubu is contemplating a six-month suspension of taxes, levies, and charges on certain sectors.
Daily Report Nigeria reports that the proposed measure, outlined in a draft executive order, aims to curb inflation and reduce food prices nationwide.
The tax suspension is expected to benefit various groups, including Okada riders, goods transporters, fuel transporters, wheelbarrow and cart pushers, shop owners, and market traders.
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Dated May 1, the draft cited the Tinubu’s powers under Section 5 of the Nigerian Constitution, Section 38 of the Value Added Tax Act, and other relevant authorities.
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The suspension would apply to various taxes and levies, including road haulage tax, business premises registration, and animal trade and produce sales tax.
Furthermore, the order also directed states and local governments to support the implementation of the tax suspension.
If approved, the development could provide great relief to small businesses and traders, contributing to the government’s efforts to stimulate economic growth and reduce inflation.
