The Federal Government has reiterated its tough stance on financial institutions failing to comply with the windfall tax on foreign exchange profits made in 2023.
This comes as the Minister of Finance, Wale Edun, and the Chairman of the Federal Inland Revenue Service (FIRS), Zack Adediji, met with the National Assembly’s finance committees to discuss amendments to the Finance Bill, 2024, on Monday.
The windfall tax, introduced in 2023, is a one-time levy imposed on banks’ excess foreign exchange earnings generated due to a significant devaluation of the Naira. The government aims to utilize the collected revenue for public services.
