fbpx
Connect with us

Business

FG May Impose Excise Tax On Parallel Market Transactions Over Forex Crises

The federal government may soon begin the imposition of excise tax penalties on foreign exchange transactions…

Published

on

black market
Dollar - Naira Exchange

The federal government may soon begin the imposition of excise tax penalties on foreign exchange transactions done outside the official market window as part of the moves to discourage multiple exchange rates in the country.

VerseNews reports that this is one of the twenty recommendations put forward by the Presidential Fiscal Policy and Tax Reform Committee, established by President Bola Tinubu in July to evaluate and provide guidance on reforms aimed at shaping Nigeria’s fiscal policy and tax system.

The Tax Committee, led by Taiwo Oyedele, proposed a set of “quick win” recommendations.

Advertisement

These recommendations aim to tackle urgent economic concerns, such as exchange rate management, the consequences of removing fuel subsidies, controlling inflation, and promoting economic growth.

One of these suggestions is the introduction of an excise tax on foreign exchange transactions that occur outside the official market.

Taking to his X (Twitter) account, Oyedele highlighted the key developments from their findings presented to the President.

According to Oyedele, “Imposition of excise tax on foreign exchange transactions outside the official market” is part of what was proposed to the federal government.”

Advertisement

Highlighting some other developments that may be implemented in the foreign exchange market, Oyedele stated the recommendations are meant to promote transparency, encourage ease in business transactions as well enforce the single exchange rate system in the sector. The recommendations include,

“Permit the payment of taxes on foreign currency-denominated transactions in Naira for Nigerian businesses.

Digitalise Nigeria’s fx regime and discourage speculative demands and hoarding of fx in cash.

Advertisement

“Discontinue the fx verification portal and requirement for Certificate of Capital Importation and export proceeds restriction.”

WhatsAppCOnnect

Stay ahead with VerseNews. Get the latest breaking news, insightful analysis, and trending stories. Your go-to source for timely updates and unbiased reporting.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

WATCH: Nigeria Newspaper Headline Today

Apply For Latest Job Openings

Trending

Cubana Chief Priest Advises Yahaya Bello Cubana Chief Priest Advises Yahaya Bello
Celebrity Gist16 hours ago

‘No Need To Run’, Cubana Chief Priest Advises Yahaya Bello

Cubana Chief Priest advises Yahaya Bello to cooperate with the EFCC if summoned, sharing his own experience of being arraigned...

Nigeria Correctional Service Nigeria Correctional Service
Entertainment17 hours ago

Nigeria Correctional Service Clarifies Bobrisky’s Relocation From Ikoyi Prison To Kirikiri

The Nigeria Correctional Service clarified that Bobrisky remains at Ikoyi Prison, denying rumors of his relocation to Kirikiri Prison.

engagement farming engagement farming
Tech18 hours ago

Elon Musk Cracks Down On Engagement Farming On X, Threatens Suspension

Elon Musk has warned against engagement farming on the platform, threatening to suspend accounts that practice it.

NAFDAC Raids Sahad Stores NAFDAC Raids Sahad Stores
News18 hours ago

NAFDAC Raids Sahad Stores And H-Medix In Abuja, Confiscates N50m Worth Fake Cosmetics, Drugs

NAFDAC Raids Sahad Stores in Abuja, seizing counterfeit cosmetics and drugs in a series of operations across various locations.

Tunde Onakoya Tunde Onakoya
Entertainment18 hours ago

Guinness World Record: Davido Backs Nigerian Chess Master Tunde Onakoya in New York

Tunde Onakoya is receiving significant support, including from Afrobeat star Davido, as he attempts to break the Guinness World Record...

Yahaya Bello's Police Escort Yahaya Bello's Police Escort
News22 hours ago

BREAKING: IGP Withdraws Yahaya Bello’s Police Escort

IGP orders withdrawal of Yahaya Bello's police escort, citing compliance with utmost importance.

Governor Ododo Governor Ododo
Politics22 hours ago

Governor Ododo’s Move To Shield Yahaya Bello Sets A Dangerous Precedent

Governor Ododo's recent intervention to whisk former Kogi State Governor Yahaya Bello away during an ongoing investigation by the EFCC...

Yahaya Bello On Watchlist Yahaya Bello On Watchlist
Politics22 hours ago

BREAKING: FG Places Yahaya Bello On Watchlist, Immigration Alerts DSS

FG has placed Yahaya Bello on watchlist amidst allegations of N80.2 billion money laundering.

Moniepoint POS Charges Moniepoint POS Charges
Business1 day ago

Moniepoint POS Charges List

Moniepoint POS Charges List: For withdrawals, they charge 0.5% for transactions under N20,000 and a flat N100 for higher amounts.

4U supermarket 4U supermarket
News1 day ago

BREAKING: FCCPC Shuts Down Popular 4U Supermarket In Abuja

FCCPC has launched a campaign at 4U Supermarket in Wuse 2, Abuja, to enforce price display and quantity compliance.

Advertisement