Three of Nigeria’s largest banks, Zenith Bank, Guaranty Trust Holding Company (GTCO), and United Bank for Africa (UBA), have collectively incurred windfall tax liabilities totaling N172.3 billion following the enactment of a new tax regime that targets foreign exchange gains made during periods of macroeconomic upheaval. The charges stem from the Finance (Amendment) Act 2023, which [...]The post Zenith Bank, GTCO and UBA incur N172.4 billion in windfall taxes appeared first on Nairametrics.
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