The house of representatives has passed the 2023 Finance Act to increase the one-time windfall tax on banks’ foreign exchange (FX) gains to 70 percent.
The national assembly has increased the windfall tax on banks’ foreign exchange gains to 70 percent — from the proposed 50 percent — in the amended Finance Act of 2024.
According to the amended Act, passed by the green chamber, “a levy of 70 percent on the realised profits from all FX transactions of banks within the 2023 to 2025 financial years would be levied and paid to the benefit of the federal government”. The finance Act said any bank that fails to pay the windfall tax to the service and has not executed a deferred payment agreement before December 31, “commits an offence”.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FG increases windfall tax on banks to 70% in amended finance actThe house of representatives has passed the 2023 Finance Act to increase the one-time windfall tax on banks’ foreign exchange (FX) gains to 70 percent.
Read more »
Over 70% of Nigerian households involved in agricultural practices — NBSAccording to the report, Kano State ranks the highest with about 2.4 million agricultural households followed by Kaduna State with about 2 million
Read more »
NEPC to empower 70 non-oil export operatorsThe Nigerian Export Promotion Council (NEPC) has announced plans to raise a new set of exporters to boost Nigeria's non-oil sector.
Read more »
Federal lawmaker empowers 70 constituents with N35mHouse of Representatives member from Musawa/Matazu Federal Constituency, Katsina State, Hon. Abdullahi Ahmed, has donated
Read more »
Teenager murders 70-year-old father over money in EdoEdo State Police Command has narrated how a 17-year-old, Arthur Angel Jr. killed his 70-year-old father, Arthur Judah Angel over some money expected from Amnesty International.
Read more »
Executive Order: Drug makers seek clear timeline, stable naira for 70% productionThe Pharmaceutical Manufacturers Group of Manufacturers Association of Nigeria, PMG-MAN, Association of Community Pharmacists in Nigeria, ACPN, and Association of Medical Laboratory Scientists, AMLSN, have expressed displeasure over delayed implementation of the Executive Order signed recently by President Bola Tinubu on pharmaceutiacls and...
Read more »