President Tinubu Signs Customs Excise and Finance Act Executive Orders

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Bola Tinubu

Nigerian President, Bola Ahmed Tinubu has signed the custom excise tariff and finance act executive orders to ease the tax burdens on businesses and individuals.

The executive orders include
  • Customs, Excise Tariff (Variation) Amendment Order, 2023 
  • The Finance Act (Effective Date Variation) Order, 2023 
1. Customs, Excise Tariff (Variation) Amendment Order, 2023 to: 

a) Postpone the commencement date of the Fiscal Policy Measures as contained in the Customs, Excise Tariff, Etc (Variation) Order 2023 from 27th March 2023 to 1st August 2023 in line with the National Tax Policy. 

b) Suspend the 5% excise tax on telecommunication services 

c) Suspend the excise duties escalation on tobacco and alcoholic beverages. This means that the approved excise duties rates previously approved for 2022-2024 will continue to apply on these products

d) Suspend the newly introduced excise tax on Single Use Plastics

e) Suspend the green tax by way of Import Tax Adjustment levy on certain categories of vehicles. 

2. The Finance Act (Effective Date Variation) Order, 2023 to defer the commencement date of the changes contained in the Act from 28th May 2023 to 1st September 2023. 

This is to ensure compliance with the minimum of 90 days advance notice for tax changes as contained in the 2017 National Tax Policy.

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