A law firm, Banwo and Ihodalo Chamber, has described the police levy fund, which mandates companies in Nigeria to remit 0.005 per cent of their net profit to the Nigeria Police Trust Fund, as unconstitutional.
It said, “The net profit levy imposed on companies by the Act is effectively double taxation and flies in the face of constitutional and international best practices, as the levy is essentially paid from profits that have already been taxed.”
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