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JUST-IN: Tinubu Suspends Finance Act, Customs Tariff, Telephone Tax

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The first executive order signed by President Tinubu was the Finance Act (Effective Date Variation) Order, 2023. It defers the implementation of the changes

outlined in the Act from May 23, 2023, to September 1, 2023, ensuring compliance with the stipulated 90-day advance notice for tax changes.

The second order, the Customs Excise Tariff Amendment Order, 2023, also adjusts the commencement date of tax changes. Originally scheduled for March 27, 2023, the changes will now take effect from August 1, 2023, aligning with the National Tax Policy guidelines. Furthermore, President Tinubu has issued an order suspending the 5% Excise Tax on telecommunication services, as well as the Excise Duties escalation on locally manufactured products.

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Tinubu suspends 5% telecoms tax, defers Finance Act to Sept 1 | TheCablePresident Bola Tinubu has signed four executive orders, including the suspension of the 5% excise tax on telecommunication services, as well as the excise duties escalation on locally manufactured products.
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