Tinubu Issues Executive Orders, Suspends New Taxes In Finance Act 2023

President Tinubu has signed four executive orders, suspending the finance act 2023 of the Buhari admnistration, effective from June 1, 2023

The Finance Act (effective date vacation) order 2023 shifted the take off date from may 30, 2023 to September 1, 2023.

One of the executive order suspends five per cent additional excise tax on telecommunication services.

Also suspended is the payment of excise duty on the locally made products.

The president’s special adviser on special duties, communication, Dele Alake.

Announced this to the state house correspondents on Thursday at the presidential villa, Abuja.

One of the executive orders also suspended the import adjustment tax on certain vehicles.

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The fourth executive order also suspended the 10 per cent green tax made up of excise duty on single use, such as plastic containers, films and bags.

Reacting to the development, Prof Uche Uwaleke, President, Association of Capital Market Academics of Nigeria, ACMAN, said: “The recently signed Executive Orders represent a welcome development as they will no doubt enhance the business environment and consequently improve the country’s ranking in the Ease of Doing Business.

The suspension of the proposed import tax adjustment levy on certain vehicles and the Excise tax on telecommunications and other locally manufactured products will help to moderate the rising inflation and increase productivity.

Also, the Finance Act Variation Order 2023 is equally in order to enable taxpayers adjust to the new provisions in line with the National Tax Policy.

“Much as these developments will help moderate rising the inflation, more measures with direct impact on the population need to be put in place in order to significantly ameliorate the adverse consequences of the fuel subsidy removal. These should include the immediate roll out of palliatives promised by the government.”