Tinubu postpones the Finance Act until September

Four executive orders have been signed by President Bola Tinubu, including one that suspends the 5% excise tax on telecommunication services and another that increases excise duty on goods made in the country.

Dele Alake the president’s special adviser on special duties, communications, and strategy, revealed this to State House reporters on Thursday.

The Finance Act (Effective Date Variation) Order, 2023, according to Alake, was signed by President Tinubu and delayed the start of the amendments made by the Act from May 23, 2023, to September 1, 2023.

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He said that by doing this, the 2017 National Tax Policy’s need for a minimum of 90 days’ advance notification for tax changes will be adhered to.

The Customs, Excise Tariff (Variation) Amendment Order, 2023 was also signed by President Tinubu, delaying the implementation of the tax revisions from March 27, 2023, to August 1, 2023, in accordance with the National Tax Policy.

Alake continued by saying that the president has also directed the suspension of the recently introduced Green Tax on Single Use Plastics (SUPs), which includes plastic bottles and containers.

In addition, President Tinubu commanded the suspension of the Import Tax Adjustment Levy on certain cars.

Alake claimed that the president made these instructions to lessen the negative impact that recent tax changes have had on people and businesses.

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He reiterated the president’s commitment to reviewing complaints around multiple taxation, local, and anti-business inhibitions.

The president’s pledge to look into complaints about multiple taxation, local and anti-business.

He gave the assurance that the Tinubu administration would continue to provide the necessary impetus through friendly policies to support the growth of businesses. 

He asserted that the president has assured Nigerians that no new tax increases will be made without extensive and thorough consultations and within the framework of a cogent fiscal policy framework.