I don't know what you are talking about and I don't defend anybody.

ChristianNorth:

That is a nice policy. If you are withdrawing cash, you will be charged 5% processing fee and if you are depositing over 3M into a corporate account, you will be charged N90,000.

This will force many to adopt the cashless policy.

But from the same next year, all online transactions including transfers would be taxed separately + additional charges from the new VAT regime.

You are discouraging cash movement at right hand side and encouraging cash payment at the left hand side with two strong policies.

Buhari is dead brain.

No apologies. I have never seen someone so confused and clueless.

Cc:
Omenka
Sarrki
Mannabbqgrill
Buhariguy
Oyatz
GenBuhari
Gworotango
Ngeneukwenu
Mynd44

Come and defend the dead wood.

See 8 outsourcing examples to manage business in your pressure in your business https://explicitsuccess.com/outsourcing-examples-to-manage-pressure/

To avoid this. Just think outside the box. Split your payment into multiple folds e.g if you have #600,000; just pay 300k twice. You don't dodge bullet b that. Same as withdrawal

djoe21:


Then remove deposit fees and increase withdrawal fees of such amount. How does deposit fee encourage people to lodge their money in the bank?

With deposit fee, you as a businessman will require your customers to pay you through other means rather than cash cos cash deposit will cost you money.

You get?

This is all part of the plan to destroy the banking sector, ending fiat currency transactions, and replace with Crypto Currency.
Nigeria is the test subject, this policy will be implemented world wide.

Beverlyjean:


Stop displaying ignorance... This has always been there for over 7 yrs.... It's only for cash withdrawal and deposit... It's to encourage a cashless society

Noted Mama

Bad move, aimed at milking everybody till they get dried. It's not done so in America.

mfm04622:


That is the problem!
If we don't pay higher prices, where will they have the money to upgrade their facilities to provide the 24 hours service we want?

That's the problem! The one they have given them what have they done with it? Our leaders have been terrible and heartless..
Stop making excuses for them.
No need trying to argue with u. Have a great day

Beverlyjean:


Stop displaying ignorance... This has always been there for over 7 yrs.... It's only for cash withdrawal and deposit... It's to encourage a cashless society

To encourage cashless society you say? And they are still charging you for online transactions!
You people should stop supporting our evil government

mrvitalis:

Im not ....if we must grow people must learn to pay tax

The Canada that they are all rushing to, won’t they pay tax there?

Ndipe:
Bad move, aimed at milking everybody till they get dried. It's not done so in America.

Yes, the USA doesn’t tax bank deposits and withdrawals. They don’t have to because we employment taxes, taxes on goods, real estate taxes, etc

The reason that we’re complaining about taxes in Nigeria is because we don’t see the direct and immediate benefit.

mployer:


With deposit fee, you as a businessman will require your customers to pay you through other means rather than cash cos cash deposit will cost you money.

You get?

Yes you are right. Although, it depends on the kind of business you do and type of customers you have.

nams77:

That's the problem! The one they have given them what have they done with it? Our leaders have been terrible and heartless..
Stop making excuses for them.
No need trying to argue with u. Have a great day

The one we have given to them is just enough to pay salaries!

Ikenna Ronald Nzimora
@ronaldnzimora

I can understand charging for withdrawals to discourage cash circulation, BUT WHY are you charging for cash deposits? Especially when you should encourage deposits to mop up cash.


Emefiele and his gang of bank robbers and fool FG cohorts want to strip Nigerians bare to the bones..


Best comment so far

Femich18:
Tax on deposit? Wow!
This is really Pathetic.

Aim at encouraging cashless transactions? This Govt is not getting their policy right. same Government planning to impose extra VAT on online purchases. You discourage them in one and encourage it another policy. Who does that?
That is confusion to me

. That you received over 250 likes for this comment shows how ignorant and uninformed so many of our youths are. Please tell me what is "extra" VAT? And what is wrong in encouraging cashless transactions? This law has been in place for almost 3 years yet you are just knowing. Obviously you have never deposited over 500k before.

mployer:


It's not luxury tax.

It's policy implementation tax, aimed at encouraging cashless transactions.

People really need to stop moving bundles of cash around.

Nigeria is Joke, why do you think the cashless policy isn’t working full time in Nigeria?
It’s not the citizens fault but rather the governments.
How do you say you want to encourage cashless policy but any inter bank transaction I do you charge me N52.50, to give me ATM card you still charge me 1k and N50 monthly for maintenance, even the POS too get him own chargers now the latest one we are hearing is that the want to start taxing online transactions etc, this is the same govt who claim the want to go full time cashless, how will it work with such policies?

EgunMogaji2:


Yes, the USA doesn’t tax bank deposits and withdrawals. They don’t have to because we employment taxes, taxes on goods, real estate taxes, etc

The reason that we’re complaining about taxes in Nigeria is because we don’t see the direct and immediate benefit.

Real Estate taxes? Dont they have that in Abuja and Lagos? Real estate taxes funds public schools in the US. Even if they were to tax real estate in the nation, be honest, would the same funds be funneled into rehabilitating our appalling public school sector?

Ndipe:


Real Estate taxes? Dont they have that in Abuja and Lagos? Real estate taxes funds public schools in the US. Even if they were to tax real estate in the nation, be honest, would the same funds be funneled into rehabilitating our appalling public school sector?

We pay real estate tax in Oyo state too but it’s an estimation as per Nigerian standards. No way all citizens are paying there due share. I know I certainly didn’t.

I’m not into politics, I’ll keave your question and answer to political folks.

mfm04622:


This is not a tax! It is service charges. Banks incur expenses to count the money customers bring! The cost is now being transferred to the customers! This charges will be retained by the banks and not given to government!

How do you encourage liquidity of customers have to pay chargers for deposits and withdrawal. It still brings me to my question, which developed country does that?
You said the banks have been incurring cost, which is true but they have been declaring billions of naira PROFIT after tax and our interest rate is all time high. Sincerely, we are operating as a failed state.

EgunMogaji2:


We pay real estate tax in Oyo state too but it’s an estimation as per Nigerian standards. No way all citizens are paying there due share. I know I certainly didn’t.

I’m not into politics, I’ll keave your question and answer to political folks.

What benefits are you deriving from the real estate taxes you are paying to the Government?

Ndipe:


What benefits are you deriving from the real estate taxes you are paying to the Government?

I get the same benefits that you and other Nigerians get.

EgunMogaji2:


I get the same benefits that you and other Nigerians get.

Namely . . .

When you dont know wot to say den u keep quiet....must u quote?. Wot if i never leave d queue and give d teller man d whole deposit slips or i kip giving him one after the other....will he challenge me....mind u, we d customers av every power on dem cox if dey want to misbehave, den u will tell dem u want to close ur acct with dem, dey will be d one to be begging u....so next time while quoting anoda person, use ur brain cox its free

orunmila144:
and who suffers the most ? you will have to go into the bank 6 times and queue 6 different times. abi you think they will allow you to deposit all 3M in 6 places at one visit ? lmaoooo clowns full NL