Business

CITN, ANAN Support Government’s Windfall Tax, Cite Benefits for National Revenue

The Chartered Institute of Taxation of Nigeria (CITN) and the Association of National Accountants of Nigeria (ANAN) have applauded the federal government for its recent decision to impose a 70 per cent windfall tax on foreign exchange (FX) gains accrued to banks. 

The President and Chairman of Council CITN, Mr. Samuel Agbeluyi, said at the weekend in Abuja during the associations’ 4th Joint Council Retreat that the new tax policy would help in addressing the widening fiscal deficit and bolster national revenue amid ongoing economic challenges. 

He stressed that tax was a necessary measure to ensure a fair distribution of economic benefits, adding that banks had significantly benefited from fluctuations in the FX market. 

Agbeluyi noted that tax was a necessary measure to ensure a fair distribution of economic benefits, adding that banks had significantly benefited from fluctuations in the FX market

“Windfall tax is not new. It is what is called prosperity tax. It was done when during COVID-19, many were at home and many activities went down and the people in the telecom did very well. So, if you did very well because of this calamity that has befallen the whole world or befallen this country, can you spare a little bit of your prosperity?

“The reason for taxation is for distribution of income and as a result of that distribution, the banks have done very well. We congratulate them for doing well. But, if we isolate you, and you are the only one doing well and the other business sectors are not doing well and they are declaring losses and the government allows that to continue, what will happen in another two to three years when all the companies fold up? So, let us share from your prosperity, “Agbeluyi said.

He also urged the government to use the taxes collected judiciously for the benefit of all.

In the same vein, the President and Chairman of the Council of ANAN, Dr. James Ekerare Neminebor, expressed his dissatisfaction over Nigeria’s current tax structure and its impact on citizens. 

Neminebor, who criticised the overlapping tax responsibilities in many sectors, reinforced the stance of the CITN president on the windfall tax, by lauding President Bola Tinubu for overhauling the nation’s complex tax system. 

“It is the distribution of wealth. If you have so much and you are paying, let it go, but let it not be too much for the person paying this tax,” Neminebor said.

He also asserted that recent removal of withholding tax for educational facilities, like books and medical facilities for health was a good development for the country.

The view by CITN and ANAN was on the back of recent revelation by the National Assembly that President Tinubu requested the amendment of the 2023 Finance Act to impose a one-time windfall tax of 50 percent on banks’ FX gains last year.

The president said the windfall tax would be used to finance infrastructure projects, education and healthcare, among others.

Olawale Ajimotokan

Follow us on:

AriseNews

View Comments

  • 📞📞📞📞📞O8O__6739__9O9O
    Toyota Sienna=700,000
    Toyota Picnic=#650,000
    Toyota Camry Muscle=850,000
    Toyota Spider=1.2million
    • Toyota Land Cruiser-N1.5 million
    • Toyota Prado N1.6 million
    • Toyota Corolla –N650,000
    • Toyota Camry –N450,000-N1M
    • Toyota Avensis – N950,000-N1M
    • Toyota Yaris – N800,000
    • Toyota Venza – N2.2 million
    • Toyota RAV4 SUV –N950,000
    • Toyota Hilus Pickup-N950,000
    • Toyota Dyna Truck – N1.3million
    • Toyota Hiace Bus – N1.5 million
    * Toyota Highlander-N1.2 million
    *Toyota Big daddy-N850,000
    Honda Civic cars – N850,000
    Honda Accord – N950,000
    Honda CR-V –N980,000
    Honda CR-V –950,000
    Honda Pilot – N900,000
    *Prices of some Volswagen cars:
    golf 1 = 250,000
    Golf 2,-N350,000
    golf 3 -400,000
    golf 5 -N500,000
    Jetta-N350,000
    Passat-N450,000.
    BENZ C3OO.#1.1MILLION
    BENZ-GLK.#2.1MILLION
    BENZ =ML550.#3.2MILLIO
    Lexus RX300-N950,000
    Lexus RX330-N1.2 mill
    Lexus RX350-N1.5 mill
    Lexus GX460-N3.2 mill
    Lexus GX470-N4.5 mill
    Toyota Sienna = 700,000
    MANY MORE AVAILABLE MODELS
    WE DELIVER TO 36 STATES
    YOU CAN CALL THE MARKETING OFFICER FOR MORE INFORMATION ( Omar ) OR YOU ADD ME UP ON WHATSAPP
    +234O8O 6739 9O9O

Recent Posts

Philippines Stockpiles Food, Evacuates Towns As Typhoon Yinxing Threatens Northeast

The Philippines is stockpiling food, evacuating towns, and deploying soldiers in preparation for Typhoon Yinxing,…

10 mins ago

Harris Wraps Up Campaign in Philadelphia, Trump Rallies in Michigan as Tight Election Nears

Harris has concluded her campaign in Philadelphia while Trump gathers support in Michigan as election…

24 mins ago

Pennsylvania Judge Approves Elon Musk’s $1Million Voter Giveaway

A Pennsylvania judge has approved Elon Musk's plan to give away $1 million in support…

38 mins ago

Israel Hostages Forum Calls for Investigation into Leak of Confidential Documents by Netanyahu Aide

The Israel Hostages Group has urged for an investigation after a Netanyahu aide allegedly leaked…

39 mins ago

Japan Launches World’s First Wooden Satellite LignoSat To Test Timber’s Potential In Space

Japan has launched LignoSat, the world’s first wooden satellite, to explore timber's potential in sustainable…

42 mins ago

Rights Activists Demand Release of Iranian Woman Detained For Undressing In Defiance Of Hijab Laws At University

Human Rights activists have renewed calls for Iran to release a woman who undressed in…

1 hour ago