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ABCON calls for exemption of BDCs from VAT, COT

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THE Association of Bureaux De Change Operators of Nigeria (ABCON), has called for the exemption of Bureau De Change operators from paying Value Added Tax (VAT) and Commission on Turnover(COT).

President of ABCON, Dr. Aminu Gwadabe made this call during the launching of the association’s Automation Portal project titled “Digitizing BDCs operations for efficiency, transparency and regulatory compliance”, held recently in Lagos.

Gwadabe noted that the BDC sector   has so many challenges to deal with, some which are multiple exchange rates, abnormal bank charges, VAT and COT, illegal International Money Transfer Operators, IMTOs, porous international borders, amongst other challenges.

 According to him, the industry can overcome its challenges through the exemption of BDC from VAT and COT, reduction of BDCs annual license renewal fee and also expansion of scope of transactions by the Central Bank of Nigeria.

Gwadabe appealed to the CBN to issue Letter of Consent to the proposed training institute in order to improve the competence of industry operators.

He also pleaded with government to sensitize the public on the dangers of patronizing illegal forex dealers, urging the Directorate of State Service (DSS), to go after the illegal currency dealers.

Speaking on the ABCON Automation portal, he said the aim for creating the portal is to boost BDCs compliance with set regulations and improve market integrity.

He said that the portal will sustain transparent transactions in the BDC corridor, boost the morale of operators and ensure continuous operations in ABCON.

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