mrjoeblinks:
Ehen?
.
The levy get breeze?

He is representing his state well , Akwa Ibomite are know to be proud people ,so I am not surprised.

OboOlora:
Akpabio will go down as the most useless Senate President in the history of Nigeria.
So pompous and uncouth, almost playing the role of a President.
Oloshi, oloko dogidogi oshi

OboOlora:
Akpabio will go down as the most useless Senate President in the history of Nigeria.
So pompous and uncouth, almost playing the role of a President.
Oloshi, oloko dogidogi oshi

Aunty, I agree with you totally.
But that your name (OboOlora)... What does it mean?
Pls just put me in the light.

Reignned:
The Bill now prescribes that any bank that fails to pay the windfall levy to the federal Inland RRevenueService and has not executed the deferred payment agreement shall be liable to pay a windfall levy not remitted in addition to a fine of 10% of the levy withheld or not remitted er annum and interest at the prevailing Central Bank of Nigeria (CBN) Minimum Rediscount Rate (MMR).

Make them go collect am make we see!

If you tax banks due to exchange gains will you also give them credit for the foreign exchange losses they incurred as a result of their exposure to forex loans?

People are dire situation.
May Almighty God take control.

vanitybutiwanti:
As usual go through the comment section and see ignorant Nigerians talking about things they know nothing about, Banks made trillions from Forex doing nothing, heck they were even instructed not to declare profit made from FX in their books, you expect government to fold their arms and watch greedy banks that do not lend money to SMES cart away with trillions for adding almost zero value, dlthe forex belongs to the CBN, it was not earned by adding value to Nigeria.


70% is even fair, it should be increased to 90%

What about banks and other companies who had exposure to foreign exchange denominated loans and suffered exchange losses as a result of the devaluation, how does the government intend to remedy their situation?

Obierika:


What about banks and other companies who had exposure to foreign exchange denominated loans and suffered exchange losses as a result of the devaluation, how does the government intend to remedy their situation?

all banks declared fx profit after the harmonisation, you can do a Google search on it

michlins:
Any government coming after Tinubu go enjoy plenty money. All these taxes will be painful and Tinubu will be blamed for them. But you see the insane amount of revenue accrued from them, subsequent governments will enjoy them

Depends on how much debt he would be leaving.
And you have to also consider that the average Nigerian can't contribute much to the tax pot.

Obviouslyblunt:
And banks charge the already poor citizens more. It’s just more TAX.

Let them tax the banks joo. They are also taxing us as they wish.

The ratio seems a little inconsiderate against the banking sector and I hope further review could be undertaken to increase the banks percentage soonest.

FreeStuffsNG:
The Senate is perfectly in order.

The money doesn't belong to the banks!! It's money created by the CBN's unification of the forex in both official and parallel markets.

May God bless Nigeria for ever! Check my signature for free stuffs!

There's a saying that it's impossible to support APC or this government and not be foolish and every trend I see from zombies always prove this right.
You stated that the banks did not do anything to make the profit since it's as a result of Naira devaluation, infact you didnt use devaluation you carefully wrote exchabge rate unification so that you can please your slave masters whereas inside me and yoy we know its devaluation that has gone more than 400% within just a year.
Back to the subject matter, if the banks are not allowed to make the profit based on the exchange rate gains, who will pay off there obligations based on the exchange rate losses too?
Many of these banks have investors in FX, loans in FX and technology services they pay forannually in FX prior to . If you want to take their exchange rate gains, will the government also cover their exchange rate losses that they will need to pay for in FX?
That's what zombies do not think about but anything to please their paymasters.

sevo:
how this man take enter this seat needs to be studied... how can one person be so inept and useless at the same damn time

He was never supposed to be there. He was rigged in. He lost his seat.

mfm04622:

There is a reason this type of tax has a name! It is a windfall tax. Nigeria will not be the first country to tax companies that makes extra profit due to circumstances beyond normal operations. So, it is no criminal.
The govt is trying to make up taxes they lost to manufacturing companies declaring loses due to FX issues.

Calling it Windfall tax or whatever does not justify the taxation. Its simply a mafia style taxation and a punishment on the banks for doing God's work!

If myself and yourself is playing soccer, and I mistakenly slip and fall and you take advantage of my fall to score a goal against me, will the goal be cancelled because of my fall? The answer is NO!

The govt naively created the loophole for the banks to make such profit. Floating the Naira is a good idea but they should have run a stress test of such policy, find and block any loophole inherent in it before rushing to passing such policy.

The govt should count their loss, learn the lesson from their naivety and let the banks be. As if the 50% they are already taxing the bank wasn't enough, they increased it to 70%.

Moreover it's not like they are gonna use the money recovered from such taxation to impact positively of the citizens rather, its there for them to loot.

To those supporting the government to tax banks and to frustrate Dangote and other big conglomerates in Nigeria, it’s only a matter of time the taxation will reach your doorstep. This is how tyranny starts.

Trading foreign exchange sometimes comes with huge profit as well as huge loss. It will be unfair to take 70% of the huge profit because “they did nothing to make it” . Will you share the loss when they do noting to make loss as well?

It is only a matter of time these leaders will come for medium scale businesses like schools , filling station , hotel, eatery etc to fund a budget and once they see they succeeded , they will come for the very poor that support them.

Do these guys think at all? How can the govt tax paper/temporary incomes? Will they refund the taxes when the banks suffer huge FX losses? Banks are not allowed to pay dividend out of FX gains, but are now being tax on the forbidden fruit?

The whole FX gains/losses arose from govt policies. Govt is doing nothing to lighten the burden on the productive sector. Why think only of ways of squeezing entities?

OboOlora:
Akpabio will go down as the most useless Senate President in the history of Nigeria.
So pompous and uncouth, almost playing the role of a President.
Oloshi, oloko dogidogi oshi

AKWA IBOM PEOPLE ARE DANGEROUS TO THE NIGERIAN CITIZENS,VERY WICKED HUMAN BEING

I like this kain koboko on all those yeye banks that have forgotten the real time functions of commercial banks , they will not support smes with loans but will be raking billions out from unproductive economy. Make every body generate sweatcoins all d way.

So that they can buy more expensive cars.

nlfpmod:


https://businessday.ng/news/article/senate-increases-windfall-tax-on-banks-to-70/

Beat policy. Banks should not making jumbo profits from forex . Only in Nigeria you see that rubbish and you cry about economy.

michlins:
Any government coming after Tinubu go enjoy plenty money. All these taxes will be painful and Tinubu will be blamed for them. But you see the insane amount of revenue accrued from them, subsequent governments will enjoy them

agbadorians are irredeemable, see what a liquefied brain is regurgitating.
How much will remain after they've used it to buy planes, cars, repaint houses, sponsor their worthless lavish lifestyles, etc.
You fit never eat since yesterday But see the nonsense you are saying, you can only deceive yourSelf not ohers.

vanitybutiwanti:
As usual go through the comment section and see ignorant Nigerians talking about things they know nothing about, Banks made trillions from Forex doing nothing, heck they were even instructed not to declare profit made from FX in their books, you expect government to fold their arms and watch greedy banks that do not lend money to SMES cart away with trillions for adding almost zero value, dlthe forex belongs to the CBN, it was not earned by adding value to Nigeria.


70% is even fair, it should be increased to 90%

So na the government go lend to SME?
Or what has the government done with the fuel subsidy it removed?
Idiots deceiving fellow idiots.

muhammad4islam:

The problem is not the bank but the SME's sectors. Most of the SME's don't pay back loan in due time or at all. They will start bringing economic challenges putting the banks in a state of quagmire. All the grant and intervention funds all down the drain (some are wrong targets and others are just pure insincerity from SME business).
Hence, what is the need of the bank to finance if people fund will not be paid back talk less of earning profit. Government are the one that now have to stream line for the SMEs sector or give bank at least assurance of it principal and at least 70% of the profit.
If you are in financial sector you will see a lot of insincerity. Even the profit banking that has no compound interest the SMEs are still defaulting massively creeping the financial system. Time is hard, we all agreed but there should be dignity and ability to meet up our obligation even if not in due time but a short moment after due time at least.
Yes SMEs is part of the driving force of the economy but they are also dangers to the financial institutions in the long run due to economic challenges and people bad character to pay loans. Let not even start talking about agriculture and finance.

Thank You.

You are totally on point

Three gbo Sa for u

DLifeless1:


So na the government go lend to SME?
Or what has the government done with the fuel subsidy it removed?
Idiots deceiving fellow idiots.

na your papa be idiiot illiterate, what is the work of the bank? What do you know idiiot