The Nigerian government is proposing a 50% tax ("Windfall Tax") on realised profits made by Nigerian banks from exchange transactions in the 2023 financial year (FY). This proposal has sparked some debate considering the many practical concerns that it raises. One of such issues is that it retrospectively applies the tax on profits from the 2023, which the banks already filed and paid by June 2024.
Please read our Article on the proposed Windfall Tax below:
Download The Windfall Tax Conundrum Navigating the Fiscal Impact on Nigerian Banks