Brazil: Economic Team to propose final alternative plan for IOF tax increases
Brazil’s government will present an alternative plan for the IOF tax increase within 10 days.  Brazil’s Congress lower house speaker, Hugo Motta, said in an X post on 29 May 2025, that the government will present an alternative plan for
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Nigeria passes 70% windfall tax on bank foreign exchange profits
Nigeria’s Senate passed the Finance (Amendment) Bill 2024 on 25 July 2024, which introduces a windfall tax on bank profits from foreign exchange transactions for the 2023 fiscal year. The newly sanctioned windfall tax is set at 70% on foreign
See MoreNigeria proposes windfall tax on banks’ foreign exchange profitsÂ
Nigeria’s National Assembly has raised the windfall tax on banks' foreign exchange (FX) gains to 70%, up from the initially proposed 50%. The increase is part of Nigeria’s revised Finance Act of 2024. Nigerian President Bola Tinubu signed the
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Spain approves extension of windfall taxes on banks and reduced VAT rates
On 11 January 2024, the Spanish Government issued a press release announcing the approval of the Royal Decree-Law. The Royal Decree-Law was approved by the Spanish Council of Ministers on 27 December 2023. This Decree extends specific measures to
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Ukraine provides clarification on windfall tax for banks
On 23 December 2023, the State Tax Service of Ukraine released Newsletter No. 6/2023, which provides clarification on the implementation of the windfall tax on banks per Law 3474-IX. This legislation introduced a tax rate of 50% on bank profits for
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