President Bola Ahmed Tinubu has signed four executive orders, including the suspension of the 5% extract tax on telecommunication services, as well as the extract obligations acceleration on locally made items.
Special adviser to the president on Unique obligations, communications and startegy Dele Alake, informed the media on the accompanying:
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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