Tinubu suspends 5% telecoms tax, defers finance act to Sept 1

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President Bola Tinubu has signed four executive orders, including the suspension of the 5% excise tax on telecommunication services, as well as the excise duties escalation on locally manufactured products.

Nigeria’s President @officialABAT Signs Executive Orders To Ease Tax Burden on Businesses.

Special adviser to the president on Special duties, communications and startegy Dele Alake, briefed the media on the following:

To address concerns raised by manufacturers and other stakeholders regarding recent tax changes, President Bola Tinubu has signed 4 executive orders:

1 - The Finance Act Order, 2023, which defers the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.

2 - Customs Excise Tariff Amendment Order, 2023, shifts the commencement date of tax changes from March 27, 2023, to August 1, 2023.

3 - Suspension of the 5% Excise Tax on telecommunication services and excise duty on locally produced produts.

4 - Suspension of the newly introduced Green Tax on Single Use Plastics and the Import Tax Adjustment levy on certain vehicles.

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