President Bola Tinubu has signed four Executive Orders which includes the suspension of the five percent Excise Tax on telecommunication services as well as the excise duties escalation on locally manufactured products.
The Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake disclosed this while briefing State House correspondents at the Presidential Villa Abuja.
According to Alake, President Tinubu also signed the Finance Act (Effective Date Variation) Order, 2023, which now defers the commencement date of the changes contained in the Act from May 23, 2023 to September 1, 2023.
Some of the suspended taxes were issued through Executive Order by former President Muhammadu Buhari at the twilight of his administration.
He explained that this is to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
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.
