Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has raised concerns over the heavy strain on Nigerian businesses due to taxes levied in foreign currency.
Speaking at the inaugural Revenue Assurance Summit organised by the Nigerian Financial Intelligence Unit, NFIU, Mr Oyedele revealed that certain businesses are required to pay taxes in U.S. dollars, with the total reaching an estimated $3.5 billion annually.
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He warned that this practice not only places undue pressure on local enterprises but also accelerates the depreciation of the naira, further destabilising the nation’s economy.
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