President Bola Ahmed Tinubu has approved four executive orders, including the Finance Act (Effective Date Variation) Order, 2023, which pushes back the start date of the Act’s modifications from May 23 to September 1.
The President claims that this is done to allay concerns that manufacturers and other stakeholders have regarding recent tax adjustments.
Dele Alake, the president’s special assistant on special responsibilities, communications, and strategy, told the press that this was done to make sure the legislation complied with the National Tax Policy’s 90-day notification requirement.
The commencement date of tax modifications is also moved from March 27, 2023, to August 1, 2023, by the Customs, Excise Tariff (Variation) Amendment Order, 2023.
In addition, President Tinubu has suspended the 5% excise tax on telecommunication services and the excise duty on locally produced goods. By executive order, the recently enacted Green Tax on Single Use Plastics and the Import Tax Adjustment levy on specific vehicles have also been suspended.
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