President Bola Ahmed Tinubu has signed four (4) Executive Orders to suspend provisions in the Finance Act (FA) 2023 and the Fiscal Policy Measures 2023. Details of the Executive Order are:
- Finance Act (Effective Date Variation) Order, 2023 shows a new commencement date of the FA 2023 as September 1 2023 rather than the initial date of May 1, 2023.
- Customs, Excise Tariff (Variation) Amendment Order, 2023 (CET Order): The effective date of custom duty was shifted from March 27 2023 to August 1, 2023. The CET Order also suspends some provisions in the 2023 Fiscal Policy Measures that was to take effect on May 1 2023. They include;
- Excise duty of five percent (5%) on telecommunication services by mobile telephony service providers and operators, as well as excise duties on local products. Local products include alcoholic beverages, tobacco, and cigarettes.
- Green tax surcharge that is import tax adjustment levy on specific vehicles and excise duty on single-use plastics.
The additional notice of ninety (90) days aligns with the minimum time to change tax laws in the 2017 National Tax Policy. To download the executive orders signed by President Tinubu on Finance Act 2023, CET 2023 and Fiscal Policy Measures 2023, see the links below.