Babjide Komolafe

3 weeks ago | nigeriaworld.com | Babjide Komolafe |Peter Egwuatu |Yinka Kolawole |Nkiruka Nnorom

Nigeria’s foreign exchange earnings have come under fresh threat following plans by the United States’ Congress to impose a five per cent tax on all diaspora remittances. The Bill, unveiled by the House Republicans on Monday, is aimed at curbing money transfers to foreign countries. The tax would be paid by the sender and collected quarterly by the US Treasury Department. Verified US citizens would be exempted from the levy and could claim it as a credit.