Tinubu set to impose 50% tax on banks

The Federal Government plans to implement a 50% tax on the profits banks earn from foreign exchange revaluation in 2023.

President Bola Tinubu has submitted proposed changes to the 2023 Finance Act to the National Assembly for approval.

This was contained in a statement by Internet personality, Imran Muhammed on Wednesday, 17th of July, 2024.

The statement reads:

“The government intends to implement a 50% tax on the profits that banks earn from foreign exchange revaluation in the year 2023.

“The newly suggested changes to the 2023 Finance Act have been submitted by the President to the National Assembly for their approval.

“The funds generated from the windfall tax outlined in the President’s letter to the Senate will be utilized for projects aimed at revitalizing infrastructure, education, healthcare, and other related initiatives under the “Renewed Hope” program.

“The tax labeled as a “windfall tax” on foreign exchange gains will be gathered by the Federal Inland Revenue Service (FIRS).

“”There shall be levied and paid to the benefit of the Federal Government of Nigeria a tax of 50% on the realised profits from all foreign exchange transactions of banks within the 2023 financial year.” [CONTINUE READING HERE]>>>>