President Bola Tinubu has signed four Executive Orders one of which is the suspension of the five per cent Excise Tax on telecommunication services and the Excise Duties escalation on locally manufactured products.
The Finance Act (Effective Date Variation) Order, 2023, which defers the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.
The Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake announced this on Thursday while briefing journalists at the State House in Abuja.
Alake said this is to ensure that the act aligns with the 90-day notice period required by the National Tax Policy 2017.
President Tinubu also signed The Customs, Excise Tariff (Variation) Amendment Order, 2023, shifting the commencement date of the tax changes from March 27, 2023 to August 1, 2023 and also in line with the National Tax Policy.
Alake added that the President ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles.
He also suspended the Import Tax Adjustment levy on certain vehicles.