The Joint Committee on Finance recently held an interactive session with Minister of Finance Wale Edun and Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji to discuss the 2024 Finance (Amendment) Bill, which has recently passed its second reading.
This bill aims to amend the Finance Act of 2023, focusing on the imposition of a windfall tax, assessment and review of profit declarations, and deferred payment agreements for financial institutions, as managed by the FIRS.
During the session, Edun clarified that the funds collected from banks should be viewed as levies rather than taxes, countering concerns that these levies would ultimately burden customers.
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FIRS Chairman Adedeji emphasized the necessity of surcharging banks to redistribute wealth, citing significant losses in other sectors due to recent policies.
He pointed out that the manufacturing sector, for example, has faced a N1.7 trillion loss due to forex policy changes, making it impractical to impose additional taxes on them.
