CIBN has urged the federal government to reconsider the imposition of a 70 percent windfall tax on banks' foreign exchange (FX) gains.
The Chartered Institute of Bankers of Nigeria has urged the federal government to reconsider the imposition of a 70 percent windfall tax on banks’ foreign exchange gains.
CIBN asked if the windfall tax would not amount to double taxation as banks already paid 30 percent income tax when they filed 2023 tax returns.“Will this not amount to double taxation? Or the tax already paid be deducted from this new imposition? This proposed tax will violate fairness and equity in taxation as banks are the only entity singled out for this payment,” the bankers said.
CIBN cautioned that imposing taxes on forex gains may deter foreign investors and negatively impact Nigeria’s investment landscape, especially at a time when banks are required to raise capital and may be looking towards foreign investors.
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