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FINANCE ACT
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has stated that the Finance Act will become "null and void" once the Tax Reform Bills are passed into law by the legislative and executive arms of government.
Stanbic IBTC Plc, the Nigerian unit of Standard Bank Group Ltd., expects the proposed windfall tax on foreign exchange gains to have a minimal effect, consuming only a modest portion of 10% of its profits.
The Bank Directors Association of Nigeria, (BDAN) has called on the National Assembly to revisit the 70% windfall tax amendment on the finance act saying it is ill-timed and burdensome in light of recent recapitalisation efforts in the banking sector.
The Nigerian senate yesterday passed the amendment bill of the 2023 finance act and increased the windfall levy on banks foreign exchange revaluation gains from 50% as proposed by the President to 70%.
Dr. Olisa Agbakoba has explained how the federal government's proposed 50% windfall tax will negatively impact bank operations and its customers in Nigeria.
The federal government plans to tax bank 50% of profit realised from foreign exchange revaluation in 2023.
The federal government is currently looking into a temporary suspension of the N10 tax on Sweetened Sugar Beverages (SSBs) as part of an economic stabilisation plan.
President Bola Tinubu has written to the Senate requesting an increase in the 2024 appropriation act by N6.2 trillion, from N28.7 trillion to N34.9 trillion.
The Fiscal Policy Partner and Africa tax leader at PwC, Mr. Taiwo Ayodele has stated in an interview with Nairametrics that President Tinubu’s executive order suspending the 5% tax on telecommunications will likely be reinstated in the future.
The Nigerian Senate has disclosed that it plans on tackling it through an amendment of the Finance Act.
The Federal Government’s revenue projection faces some uncertainty as the Nigeria Customs Service (NCS) has expressed fears over...
N10 per litre sugar tax on beverages introduced in the recent Finance Act would be used to invest in Nigeria’s public health facilities.