President Bola Tinubu has signed four Executive Orders, including the suspension of the 5 per cent Excise Tax on telecommunication services, as well as the Excise Duties escalation on locally manufactured products.
The presidential spokesman, Dele Alake, made this known while speaking with State House correspondents at the Presidential Villa in Abuja on Thursday, July 6, 2023.
The first Executive Order signed by President Tinubu is The Finance Act (Effective Date Variation) Order, 2023. The Order has now deferred the commencement date of the initial Act from May 23, 2023, to September 1, 2023.
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Alake said this was to ensure adherence to the 90 days’ minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
The second Executive Order is The Customs, Excise Tariff (Variation) Amendment Order, 2023. The Order has shifted the commencement date of the tax changes from March 27, 2023, to August 1, 2023, in line with the National Tax Policy.
The third Executive Order is the suspension of the 5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.
The fourth Executive Order is the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics.
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