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Tax Alert
This alert contains:
Presidency postpones commencement of Finance Act 2023, Customs Excise Tariffs (Variation) Order 2023, suspends green taxes and revised excise duties
Background
The Finance Act 2023 (“Finance Act”) is the 4th in the series of Finance Acts in Nigeria. It was signed into law by the former President, Muhammadu Buhari on 28 May 2023.
The former President Muhammadu Buhari also issued the Customs, Excise Tariff (Variation) Order No. 18 of 2023 (“Customs Order”) with a commencement date of 27 March 2023.
The Order contained the provisions of the Fiscal Policy Measures 2023 earlier released by the immediate past Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed.
On 4 July 2023, President Bola Ahmed Tinubu released two executive orders which made some salient changes to the Finance Act and the Customs Order. The recently released Executive Orders are the Finance Act (Effective Date Variation) Order 2023 and the Customs, Excise Tariff (Variation) (Amendment) Order 2023.
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