Senate amends Finance Act to allow imposition of windfall tax

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The Senate, on Tuesday, passed the Finance Act (amendment) Bill, 2024 to provide for the imposition of Windfall Tax, assessment and review of profit declarations.

This followed the consideration and adoption of the report of the Senate Committee on Finance presented by its Chairman, Sen. Sani Musa.

Presenting the report, Musa said that the Senate at the plenary session on Wednesday July 17, read the letter of President Bola Tinubu presenting the Finance Act (Amendment) Bill, 2024.

The bill, he said sought to amend the Finance Act 2023 to provide for the imposition of Windfall Tax, assessment and review of profit declarations.

He added that the bill sought to amend the Finance Act, 2023 to impose and charge windfall tax on banks’ foreign exchange gains, but with an amendment from 50 per cent to 70 per cent as the levy charge.

Musa said that the additional N6.2 trillion contained in the Appropriation Amendment Bill would be financed by the one-time windfall tax on banks’ foreign exchange profits.

“This is as approved by the National Assembly and other independent sources of revenue.”

(NAN)