The Chairman of the Presidential Committee on Fiscal Policy, Taiwo Oyedele, has explained the reasons behind the federal government’s decision not to approve a fixed or pegged exchange rate for calculating Customs import duties.
“The other point that my brother raised that our recommendation that the custom service should use a fixed exchange rate that is much lower than the actual rate hasn’t been implemented.
And in that law, it says that the exchange rate to use for Custom must be the official exchange rate, which means even though we drafted an executive order, the president cannot just sign to override the law.
Withholding Tax Regulations now GazettedSpeaking further, Oyedele mentioned that the new withholding tax regulations is now gazetted by the federal government.
What you should knowThe fluctuating exchange rate for Customs import duties has posed a significant challenge for participants in the import and export sector...
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