For cash pooling settlement, CBN clarifies education and gasoline tax.

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Central Bank of Nigeria has provided additional clarifications on the circular concerning the cash pooling of repatriated oil and gas export proceeds by international oil companies.
This announcement was made by the Director of the Trade and Exchange Department, Hassan Mahmud on Tuesday
The apex bank specified the expenses that can be settled from 50 per cent of the repatriated fund, which includes petroleum tax, royalty, domestic contractor invoices, cash calls, domestic loan payments, interest payments, education tax, transaction tax, and forex sales in the Nigerian foreign exchange market.

Written by: bossgmsi

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