Edun, who briefed State House correspondents afterwards, said attendees discussed the banking sector’s role in promoting economic growth.
He said the Chairman of the Federal Inland Revenue Service, Mr Zacch Adedeji, explained the government’s plan to simplify the tax regime by taxing only profits and allowing companies’ capital to grow.
In mid-July, President Tinubu introduced a one-time windfall tax aimed at the substantial foreign exchange gains reported by banks in 2023.
He proposed this tax as part of an amendment to the 2023 Finance Act, seeking to generate additional revenue for crucial infrastructure, education, and healthcare projects under his Renewed Hope Agenda.
Windfall tax specifically targets the significant profits banks made due to the naira’s devaluation in 2023.
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