N50 Stamp Duty Imposed On Bank Customers By FG - Business (8)

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N50 Stamp Duty Imposed On Bank Customers By FG - Business (8) - Nairaland

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CBN Introduces New Charges On Bank Deposits And Withdrawals / N50 Stamp Duty: 10 Things You Need To Know / N50 Stamp Duty: CBN Exempts Salary Accounts, Self-to-self Transactions (2) (3) (4)

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Re: N50 Stamp Duty Imposed On Bank Customers By FG by Nobody: 4:31am On Jan 20, 2016

Why is it innocent pple of nigeria always be at recieving end of bad economic situation of the country? Ok where will ordinary pple go to boost their own income? Should they go and steal? Govt should just stop all waisful spendings, stop corruption and diversify economy with agriculture instead of focussing on common pple on the street always.

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Re: N50 Stamp Duty Imposed On Bank Customers By FG by SeanDada1(m): 4:32am On Jan 20, 2016

Ezeebube2:

http://www.vanguardngr.com/2016/01/fg-imposes-n50-stamp-duty-on-bank-customers/

Senseless country! I need to leave here ASAP!!

4 Likes

Re: N50 Stamp Duty Imposed On Bank Customers By FG by COMPAQ(m): 4:33am On Jan 20, 2016

We are still all stuck on this concept of development being free!! Development comes at a cost people. We'd all like to relocate abroad but go abroad na and see how much oyinbo man pays in taxes. Then you'll know that Nigerians are grossly undertaxed! How many deposits do most of us here receive anyway? If you are working class you likely receive a bigger deposit a few times and withdraw more often. Too be honest it's not a bad move all things considered.

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Re: N50 Stamp Duty Imposed On Bank Customers By FG by ImpactWorld(m): 4:35am On Jan 20, 2016

yinchar:
Nigerians want good thing but they don't wanna pay for it. Here in SA, anytime I make a deposit into my personal account from my same bank am charged R35 that's almost N500. For every withdrawal as well am charged R5 that's N65. The VAT here is 14% and am paying a tax of 25% on my monthly salary.

Nigeria has the lowest VAT of 5% in the world, yet we complain about everything. I pray people can be more enlightened, this a good policy considering the current economic situations.

Would you have said the same thing if GEJ had initiated the implementation of this policy?

Re: N50 Stamp Duty Imposed On Bank Customers By FG by COMPAQ(m): 4:38am On Jan 20, 2016

SeanDada1:

Senseless country! I need to leave here ASAP!!

Oya go London na... and see how much you will pay in tax? My sister in UK has a decent job, lives a comfortable life, but I doubt she has £5000 in her account. If you earn N200k a month here you are more likely to be able to afford to go to UK more than she is able to come home. Because they pay so much in taxes, there is usually little left over each month.

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Re: N50 Stamp Duty Imposed On Bank Customers By FG by SeanDada1(m): 4:38am On Jan 20, 2016

grafikii:
That is the payment/punishment of voting and allow wasteful people to rule us for 16yrs. Una never see anything

Till Nigerians start feeling the pinch individual, then we will start holding leaders accountable.

Btw your 50 naira is going into buying bmw for the presidency and american spec toyotas for the senate

I beg stop all this rubbish blame culture. APC led govt cannot manage our economy! Their govt is clueless, inconclusive, tyrannical, exploitative and obviously without direction! Obviously we have made a colossal mistake voting an inexperienced govt to run this country!!

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Re: N50 Stamp Duty Imposed On Bank Customers By FG by SeanDada1(m): 4:42am On Jan 20, 2016

COMPAQ:

Oya go London na... and see how much you will pay in tax? My sister in UK has a decent job, lives a comfortable life, but I doubt she has £5000 in her account. If you earn N200k a month here you are more likely to be able to afford to go to UK more than she is able to come home. Because they pay so much in taxes, there is usually little left over each month.

So you never sleep? See you in Toronto 3 months time - Mr.. What have you grin

Re: N50 Stamp Duty Imposed On Bank Customers By FG by COMPAQ(m): 4:42am On Jan 20, 2016

Most countries levy radio and TV licence. It's in our laws too, but we don't implement it. The govt has obviously gone for a smaller tax that will be fairly easy to collect because the banks will do it for the fg. And this is the way tax should be. Small amount but with an extremely wide base so the total collected amount becomes much.

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Re: N50 Stamp Duty Imposed On Bank Customers By FG by divide9ja: 4:47am On Jan 20, 2016

Kikero112:

Have a good day, sir.

You can't talk now, Abi?

Re: N50 Stamp Duty Imposed On Bank Customers By FG by Nobody: 4:53am On Jan 20, 2016

texazzpete:
I see nothing wrong with this.
For most people making these transactions, N50 is relatively negligible.

The poor masses aren't typically transferring money via bank transfer.

People complaining now are the same ones that keep calling the FG to increase taxes on high income earners.

Tell me you didn't read the part where teller deposit was mentioned, the news said for all money received that's more than 1k, the recipient has to part with 50naira,

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Re: N50 Stamp Duty Imposed On Bank Customers By FG by Nwanze62: 4:53am On Jan 20, 2016

End time Government

Re: N50 Stamp Duty Imposed On Bank Customers By FG by 2n2k(m): 5:01am On Jan 20, 2016

[b]The problem with Nigeria is impunity - by government and citizens alike. You make laws, you ignore its implementation.

Stamp Duties law had been in Nigeria even before independence but because of free oil money, nobody cares yet every gala seller will be saying it is his money/tax that is being used for development.

If you look at your cheque leaflet, you will see already pre-printed on it "Stamp Duty Paid". That is in compliance with the stamp duties act of 1929 or thereabout. Have you ever asked who paid the stamp duty and when, since you the owner of the cheque was not charged? The simple fact is that banks just stopped collecting/remitting because govt/NIPOST went to sleep.

Have you noticed that commercial receipts or simple agreement papers issued up to early 1980s carried postage stamps? The stamp pasted on it was not to post the receipt but payment of stamp duties?

The govt tried to revive this by re-enacting the Stamp Duties Act in 2009. The law was signed but nobody implemented it which made some people to approach the court to force implementation in 2013, even with the court ruling, the GEJ govt would rather want to wait for the outcome of the consultancy it awarded to Mcsancy on how to boost revenue from FIRS before implementing its own law.

The action of the cbn is just the first step in implementing the 2009 Act. The next step is for NIPOST to wake up and implement the payment of stamp duties on all eligible commercial transactions done in Nigeria. The 2009 Act requires pasting of at least N50 on any receipt issued for commercial transaction that exceed the threshold. Now that e-commerce is rampart, NIPOST should be pro-active on the manner in which it can collect the duties from the e-merchants.

Laws are laws. Even bad laws are laws which must be implemented until repealed. Almost all the countries in the world have stamp duties laws. This is not a matter to wail about.[/b]

6 Likes 1 Share

Re: N50 Stamp Duty Imposed On Bank Customers By FG by Cutehector(m): 5:08am On Jan 20, 2016

Nigerians are very daft. We like to grumble and mumble on social media but to stage a peacefui protest, na wahala. When y'all done with pouring out ur sentiments here, ur gona accept the "change" whether u like it or not!

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Re: N50 Stamp Duty Imposed On Bank Customers By FG by xtervaganza(m): 5:16am On Jan 20, 2016

amunkita:
Very soon they will introduce charge on Fork..
The more u fork, the more ur tax charge increases..

Re: N50 Stamp Duty Imposed On Bank Customers By FG by Nobody: 5:22am On Jan 20, 2016

Ds is d price u av 2 pay for voting a wicked clueless illiterate ruler.

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Re: N50 Stamp Duty Imposed On Bank Customers By FG by repogirl(f): 5:23am On Jan 20, 2016

Image123:

Calm down madam, it is in accordance with rule of law. Compliance with the provisions of the Stamp Duties Act, LFN 2004 as reinforced by the court judgement in Suit No FHC/L/CS/1710/2013. OBJ and GEJ hand dey the matter. Don't worry, use your savings account if you don't want to be charged.

hmm..... it still isn't right, what concerns stamp with my money and fifty naira is too much.
Besides:

“For all avoidance of doubt the following receipts are however exempted from imposition of stamp duties: payments of deposits or transfer by self to self whether inter or intra bank; and any form of withdrawals/transfers from saving accounts;
It should be noted that these charges are only payable by receiving accounts;

It doesn't sound as of savings accounts won't be affected. They said it is only payable by receiving accounts.... So when you receive, even with a savings account, you pay the charge for receiving the money.

1 Like

Re: N50 Stamp Duty Imposed On Bank Customers By FG by xtervaganza(m): 5:24am On Jan 20, 2016

maslong:
this is a target against the south, most specially the IGBOS. because ab0kis don't do banking.
may GOD punish all those who forced this man on us.

everything has to be about you animals

Idiot

2 Likes

Re: N50 Stamp Duty Imposed On Bank Customers By FG by Nobody: 5:29am On Jan 20, 2016

PaulJohn1:

You've been noticed

But to an extent he's right, the masses keep suffering the brunt of whatever austerity measures the government deems fit, but those in the driver's seat, namely our folks in the national assembly keep appropriating billions for luxury cars and inexplicable allowances, shouldn't the austere apply even more to them, are they not supposed to be the most patriotic? Do you hustle under hot sun with no single form of government support like boys do in many parts of Nigeria? In Nigeria the government does not provide electricity, you buy your generator you fuel it and even pay tax on it, no telecommunications, you're left at the mercy of foreign mercenaries, no public transportation system, we provide our own security here, not even as much as an emergency number, no fire service, no utilities whatsoever, be it heat, gas, water, nothing, we provide every single need of ours, this begs the question, why should we even pay any tax here??

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Re: N50 Stamp Duty Imposed On Bank Customers By FG by Osakah24(m): 5:32am On Jan 20, 2016

Dude knows most of his brothers don't use bank so WTH. Milk the south more

1 Like

Re: N50 Stamp Duty Imposed On Bank Customers By FG by texazzpete(m): 5:36am On Jan 20, 2016

engrkenny:

Tell me you didn't read the part where teller deposit was mentioned, the news said for all money received that's more than 1k, the recipient has to part with 50naira,

Like I said, I see nothing wrong with this
We need to raise money somehow.

Re: N50 Stamp Duty Imposed On Bank Customers By FG by muyibaba222(m): 5:37am On Jan 20, 2016

infact, dis change na wah o

1 Like

Re: N50 Stamp Duty Imposed On Bank Customers By FG by Nobody: 5:56am On Jan 20, 2016

Oliviaarims:
Lol.. This is just not nice! So, the FG wants to have a share of my money, whether I like it or not!.. Lol.. Like, this is very funny.

This is just the beginning
It gets worae when you start working full time

Long time BTW. Whats good?

Re: N50 Stamp Duty Imposed On Bank Customers By FG by adioolayi(m): 5:59am On Jan 20, 2016

Exmay:
Please Nairalanders in the financial and legal sectors kindly contribute.

Is this Legal?
Is it Obtainable in the western world?

if the answer to these questions is affirmative, then i see no reason to cry foul. however, if otherwise, i see a turbulent future for the FG.

Don't mind Nairalanders...little research I did shows many countries of the world have engaged in Financial Transaction Tax before...they do this to kind of ensure large percentage of their citizens do not evade taxations. you can read more on it here

https://en.m.wikipedia.org/wiki/Financial_transaction_tax

1 Like

Re: N50 Stamp Duty Imposed On Bank Customers By FG by Nobody: 5:59am On Jan 20, 2016

A day is coming when we will all Unitedly join hands to carry out a revolution devoid of sentiments...that dat is approaching. ..The south westerners thought that buhari would solve nigerias problem..What can solve nigeria problem is a revolution and not the old thieves we keep recycling either from the pdp or apc..We are in for another long ride and one chance..

Let us enjoy the rip offs this government has to offer..

1 Like

Re: N50 Stamp Duty Imposed On Bank Customers By FG by alexlee50: 6:06am On Jan 20, 2016

grafikii:
That is the payment/punishment of voting and allow wasteful people to rule us for 16yrs. Una never see anything

Till Nigerians start feeling the pinch individual, then we will start holding leaders accountable.

Btw your 50 naira is going into buying bmw for the presidency and american spec toyotas for the senate

so the payment for voting wasteful people for 16years is to impose fine on the citizen? Your head correct so? Why are the wise, prudent, honest angels we have now elected not finding a solution to our economic problems, without imposing more hardship on the citizens they claim have been suffering for the last 16yeears.soon we would one year of this administration, yet no plans on the economy, agriculture, education, transportation etc.even the much talked about anti corruption, tell me who has been charged to court?

Re: N50 Stamp Duty Imposed On Bank Customers By FG by Whobedatte(m): 6:14am On Jan 20, 2016

opsydudu:

SMH...you just learnt this "muntula"? It seems yesterday's loss on your four different account has taken another effect on your dumb brain.

mumu. Who lost? Abi u no see where I posted I mistakingly entered d wrong game and it won? Like ur moniker , your brain dudu no b small

Re: N50 Stamp Duty Imposed On Bank Customers By FG by me69: 6:17am On Jan 20, 2016

Are they trying to make people shun from making deposits and transfers this can further slow the economy

Re: N50 Stamp Duty Imposed On Bank Customers By FG by smada13(m): 6:19am On Jan 20, 2016

So many Nigerians need education, I mean sound education and enlightenment..... their sense of reasoning has gone down to the dogs... so sad to see the way our youths think these days....God help Nigerian youths!

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Re: N50 Stamp Duty Imposed On Bank Customers By FG by mediachirps(m): 6:21am On Jan 20, 2016

Noisemakers; you're paying for the 'chanji' you voted for.

Re: N50 Stamp Duty Imposed On Bank Customers By FG by Nobody: 6:43am On Jan 20, 2016

This tax is not new. What is new is the enforcement of an already existing law which we have negle ted because of crude oil money. In the face of low oil price do we expect the government to do magic and solve some social problems here?
Why must you pay it in China and Europe but refuse to pay it in Nigeria?
I support the Directive 100%

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Re: N50 Stamp Duty Imposed On Bank Customers By FG by patostation(m): 6:51am On Jan 20, 2016

[quote author=shachris02 post=42138928]this is thievery. angry

[/quote

Abi OBT (obtaining by tricks)?

1 Like

Re: N50 Stamp Duty Imposed On Bank Customers By FG by elmajor(m): 6:52am On Jan 20, 2016

Emekamex:
This is indeed kworuption.

Kworufcion!

1 Like

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