News Formal

N'assembly increases windfall tax on banks to 70% in amended finance act

  • 📰 thecableng
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 80%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

The house of representatives has passed the 2023 Finance Act to increase the one-time windfall tax on banks’ foreign exchange (FX) gains to 70 percent.

The national assembly has increased the windfall tax on banks’ foreign exchange gains to 70 percent — from the proposed 50 percent — in the amended Finance Act of 2024.

According to the amended Act, passed by the green chamber, “a levy of 70 percent on the realised profits from all FX transactions of banks within the 2023 to 2025 financial years would be levied and paid to the benefit of the federal government”. The finance Act said any bank that fails to pay the windfall tax to the service and has not executed a deferred payment agreement before December 31, “commits an offence”.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in UK
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

FG increases windfall tax on banks to 70% in amended finance actThe house of representatives has passed the 2023 Finance Act to increase the one-time windfall tax on banks’ foreign exchange (FX) gains to 70 percent.
Source: thecableng - 🏆 2. / 80 Read more »