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Nigerian President Signs Orders Setting Effective Date for the Finance Act 2023 and Suspending Certain Taxes

12 July 2023

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Approved Changes

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Nigeria

On 6 July 2023, Nigerian President Bola Tinubu reportedly signed the Finance Act (Effective Date Variation) Order 2023, providing that the Finance Act 2023 is effective from 1 September 2023. The order is meant to adhere to the minimum advance notice of 90 days for tax changes as contained in the 2017 National Tax Policy. The Finance Act 2023 was signed into law in May 2023 (previous coverage). In addition to the effective date order, the president also signed executive orders that suspend certain taxes. This includes the suspension of: the 5% excise tax on telecommunication services, the "green tax",...