FG suspends telecom tax, defers finance act until September

Four executive orders have been signed by President Bola Tinubu, including the suspension of the 5% excise tax on communications services and the rise of excise duty on domestically produced goods.

Dele Alake, the president’s special adviser on special assignments, communications, and strategy, revealed this to state house reporters on Thursday.

One of the Executive Orders that the President signed into law was the Finance Act (Effective Date Variation) Order, 2023, which postponed the start date of the adjustments made by the Act from May 23, 2023 to September 1, 2023. This is done to make sure that the 2017 National Tax Policy’s 90-day minimum advance notice requirement for tax adjustments is followed.

More to follow…

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