Nigerians To Start Paying For Bank Deposits In 2020
The charges will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.

Starting from September 18, 2019, Nigerians operating bank accounts will begin to pay charges for deposits and withdrawals.

Making the announcement on Tuesday, the Central Bank of Nigeria said that the nationwide implementation of the cashless policy will begin by March 2020.

The apex bank said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

According to the circular, the charges will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.

For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fee for withdrawals and three per cent for lodgments of amounts above N3m.

The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.

http://saharareporters.com/2019/09/17/nigerians-start-paying-bank-deposits-2020

This is luxury tax no one should complain

It would affect me very much but i believe in taxing

mrvitalis:
This is luxury tax no one should complain

It would affect me very much but i believe in taxing

You are kidding right?

call or whatsap

Baba God let there be no Nigeria again next life. We will soon be paying for breathing. Useless government
.

Akorede02:
Baba God let there be no Nigeria again next life. We will soon be paying for breathing. Useless government
.

Really sad

stanech:


You are kidding right?

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

mrvitalis:
This is luxury tax no one should complain

It would affect me very much but i believe in taxing

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.

Tax on deposit? Wow!
This is really Pathetic.

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.

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

Lol

Na by force to go bank?

Wetin happen to under bed?

Forget omila...dem dey fear face

I have said it many times as the grey hair in buhari's anus that this government is very useless instead of them to think of better way to generate fund they are thinking on how to meek the masses

By then have already mapped out plan on how to be saving money by myself...should I even dig a well

mrvitalis:
This is luxury tax no one should complain

It would affect me very much but i believe in taxing

How will it affect you ? Do you have Marco Polo buses or do you have shop in Balogun

The Buhari government joy heaping Hardship on the masses with reckless abandon. Well, this is the through meaning of next level.

please how did I get to Nigeria self.

The problem with Nigeria is crudeness. Everything is forced and exploited. Whatever happens to INCENTIVES and mobilizations. May God have mercy on all of una.

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.

Funny how people that studied literature will be foaming in the mouth over outstanding government economic policies.

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

This has been on since in major states, it's just going nationwide now.

Is that how you are going to revive the economy ?? With funny policies..

To catalyze growth, you must empower the private sector, not cripple them with increase in VAT and Tax on Deposits.

Buharinomics policy... somebody should tell this man that we have been saving our money before oyibo brought banking for us here...let me go and dig my own bank.... samfloxin says so.

mrvitalis:
This is luxury tax no one should complain

It would affect me very much but i believe in taxing

. You believe in tax but the road from your house to the bank is deadly. Continue.

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.

even if you do cashless transactions, they will still find a way to exploit you. They charge you VAT and bank charges for every cashless transaction you make. VAT increase to over 7% is already in place. Cashless or no cashless transaction, you can't escape it.

mrvitalis:
This is luxury tax no one should complain

It would affect me very much but i believe in taxing

what do you sell? Because I am sure 97% of market women don’t make 2-3% on any product they sale
This government is just insensitive and stupid
Sometimes those market women make as little as #10 on #2500 naira carton of good and this is why they always run down if their husband isn’t supporting them financially

Let us all enjoy the change! A directionless government will always give directionless policies!

Impose increments of TAX and then this.. It’s appalling to realize that this government is anti people towards both PDP and APC supporters! This government is milking Nigerians and driving us to the edge..

mrvitalis:
This is luxury tax no one should complain

It would affect me very much but i believe in taxing

This is not a tax! Taxes goes to government. This is a service charge and will be retained by service providers (banks). The aim of this is to force citizens to use cashless options instead of cash.

I go go buy kolo....piggy-bank

Base1line:
Funny how people that studied literature will be foaming in the mouth over outstanding government economic policies.

Mention one developed country that taxed its people on deposits? It is not done anywhere. If Government want to tax, fine. But tax should be done the right way and there should be accountabily.

oz4real83:
even if you do cashless transactions, they will still find a way to exploit you. They charge you VAT and bank charges for every cashless transaction you make. VAT increase to over 7% is already in place. Cashless or no cashless transaction, you can't escape it.

Services charges is only charged if you transact between two different banks. VAT is charged on service charges. Most of the time the service charge is 50 Naira! So VAT will be charged on that 50. Which is 2.5 Naira presently

mrvitalis:
This is luxury tax no one should complain

It would affect me very much but i believe in taxing

See the people that voted him in.