Nigeria In One Minute
Banks suspend BDCs’ accounts over taxes
Banks are shutting down Bureau De Change (BDC) accounts over the demand that the operators pay taxes on their transactions turnover, The Nation learnt yesterday.
The lenders are writing to BDCs and implementing a ‘Post No Debit’ order on the operators’ accounts even where there is no evidence of tax default.
The Association of Bureau De Change Operators of Nigeria (ABCON) has condemned the action, insisting that banks’ suspension of BDCs accounts remains unlawful.
ABCON President Aminu Gwadabe said banks were acting on the directive of the Federal Inland Revenue Service (FIRS) by demanding that BDCs pay taxes on bidding funds used for dollar collections. The funds are sent through the commercial banks to the Central Bank of Nigeria (CBN) weekly.
The Nation, August 24, 2018
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