Tinubu Signs Executive Orders, Suspends 5% Excise Tax On Telecom Services
President Bola Tinubu has signed four executive orders, including suspending the 5% Excise Tax on Telecommunication Services and escalating Excise Duty on Locally Made Goods.
The Finance Act (Effective Date Variation) Order, 2023, delays the start date of modifications from May 23, 2023, to September 1, 2023, to ensure 90 days’ advance notification for tax changes.
The Customs, Excise Tariff (Variation) Amendment Order, 2023, extends the start of tax revisions from March 27, 2023, to August 1, 2023, aligning them with the National Tax Policy.