Non-Interest Banking In Nigeria: Tax Issues (I)

The initial storm regarding the introduction of Non-Interest Banking (NIB) is gradually settling down. Now it is important to start exhuming the challenges that might crop up in its operations. Especially the taxation of the sub-sector by the relevant tax authorities and the corresponding setting of standards for the type of taxes that apply and that are to be collected from the transactions is extremely important. If the CBN manages to meet the regulatory requirements, it is empowered by law to issue licenses to appropriate entities for the establishment of non-interest banks.

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