“I erred in that Memorandum by ascribing to His Excellency the President that he made such a directive,” Vandy said.

He said he erred, adding that President Bio did not gave such a directive knowing that section 110 (1) of Act No. 6 of 1991 clearly states: “No taxation shall be imposed or altered otherwise than by or under the authority of an Act of Parliament.”

The press release adds that “during the meeting, His Excellency the President expressed serious concern about the impact of any taxation on the ordinary people and therefore ONLY suspended discussions on the matter pending further consultation with the Ministry of Finance and Development Partners.”

In the press release, Mr. Vandi on behalf of the Office of the President informed the business community and the general public that all relevant laws relating to revenue collection remain valid until so amended by an Act of Parliament.

He apologized to the business community and the general public for any inconvenience his miscommunication might have caused.
The issue was first raised by the main opposition APC, noting that the unfortunate press release from State House repealing the aforementioned Finance Acts will throw the financial market into turbulence and at the same time could be treasonable.