The government plans to impose a 50% tax on banks' profits from foreign exchange revaluation for the year 2023.
The President has submitted proposed amendments to the 2023 Finance Act to the National Assembly for approval.
The revenue generated from this windfall tax, as outlined in the President's letter to the Senate, will be used to fund projects aimed at improving infrastructure, education, healthcare, and other initiatives under the "Renewed Hope" program.
The Federal Inland Revenue Service (FIRS) will collect the windfall tax on foreign exchange gains.
"A tax of 50% shall be levied and paid to the benefit of the Federal Government of Nigeria on the realized profits from all foreign exchange transactions of banks within the 2023 financial year."
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