The Central bank of Nigeria, CBN, on Thursday provided clarifications on services affected by the newly introduced stamp duty imposed on customers in bank transactions.
The director, Corporate Communications of CBN, Ibrahim Mu’azu, said transactions affected by the new policy include all receipts by a bank or financial institution in acknowledgment of services rendered in respect of teller deposits and electronic transfers for the value of N1000 and above.
By implication, N50 duty is to be imposed on all bank transactions, irrespective of the amount, provided such a transaction is N1000 and above.
However, Mr. Mu’azu said some exemptions specified under the schedule to the Stamp Duty Act 2004 (under the caption “receipt”) included payments of salaries and wages, payments, deposits, or self-to-self transactions, whether inter or intra bank, among others.
Following the publication of the guidelines for the implementation of the Stamp Duty bank transactions, it has become necessary to explain some misconceptions among members of the public..
The director explained the implementation of the Stamp Duty policy at this point followed a federal high court order demanding the CBN to direct deposit money banks (DMBs) under its supervision to commence the collection of the duty on behalf of the federal government of Nigeria.
The policy, he explained, was in compliance with the provisions of the Stamp Duty Act 2004 and the Federal Government of Nigeria (FGN) Financial Regulation of 2009.
Consequently, he said the CBN has directed the DMBs to commence immediate collection of the N50 stamp duty by banks and remit same to the Nigerian Postal Services (NIPOST) on behalf of the customer.
Also covered by the N50 stamp duty was charged per transaction and NOT per volume.“Irrespective of the amount, the sum of N50 is to be charged provided such a transaction is N1000 and above.
culled:premiumtimes
Iphie Dearie,please can you explain this in laymans terms?I am having a hard time really really understanding why people have to pay for stamps by force.Maybe i am too angry to understand what this is all about...
It annoys me too...really
ReplyDeleteAfter cot charge ,i will still pay 4 stamp.
DeleteThey should remove cot charges then.
No more COT charge
DeleteCot abolished.
DeleteEnd time cunning charge
My question too: If I pay money to myself over the counter will they charge me? Especially when we are mandated to go pay in the bulk room. They wouldnt know truly if I am the one paying but because I put my name on the teller to pay it? Will they still charge me? Unless we are now to be adding our bvn numbers to every transaction made?
ReplyDeleteThank God
ReplyDelete116 comment 2016
Oh God. This Gvt wu ndi oshi oooo. People should keep their money at home, no more banking. Bonjour Stella.
ReplyDeleteOk.
ReplyDeleteEnd time FG
ReplyDeleteDey r very stupid for bringin it up in d first place,Let God punish all of dem empty heads dat approved of dis nonsense,everyday d idiots wake up wit one stupid idea to make d rich richer n d poor poorer. FOOLS.
ReplyDeleteOk...make we dey look.
ReplyDeleteThis is foolishness! What is stamp duty, STAMP DUTY, on top money?!?
ReplyDeleteBuhari and change
ReplyDeleteBuhari and change
ReplyDeleteChange is here!
ReplyDeleteChange my foot!
ReplyDeleteIf you pay money into your account in same bank or any other bank,50 naira won't be taken. If it is a salary account,no charge.
ReplyDeleteBut I really want to talk about the effect:
For instance, you do business with Companies in Nigeria,For every time you remit to them...50 naira is for FG.
Now if you make these payments to different accounts 5times a day,it means that you are losing 250.
Since the FG started the cashless economy, a lot of unbanked people in Nigeria quickly opened accounts. Even cattle merchants. So I know they will rake in a lot.
Most private schools do not take cash anymore...so don't know how FG will spare parents of this charge since they would pay different amounts into different account numbers(parents know this).Government schools pay through TSA so don't know if it will be factored in to.
I just highlighted where it will hurt the common man like me and you.
These are my suggestions to FG:
Maintain our roads,especially where these common men and women live. They are also a part of Nigeria,most of them do not have motorable roads.
Work on PHCN,let there be a feedback procedure. Let them tell citizens what they intend to achieve after they increase the tariff which I hear is soon. Most people still don't see light. Can they atleast know what is happening?
Bring back a programme like "You Win" it really helped a lot of young men and women set up businesses.
What is exactly being done about the Agricultural sector? We are not hearing anything yet. Since CBN and FG quickly thought about the Stamp duty charge,they should equally think of new innovations that can take Nigeria back to her days of exporting large quantities of nuts and foods.
Finally,these rich men don't pay tax,but they get the best of this country. A poor civil servant pays his or her tax but cannot even get the best amenities because they don't live in GRA,Lekki or Maitama.
I hope all these will improve since the air we breath now is being paid for.
FG is left with no choice. It is this or we sink!
This is my humble submission.My google account is acting up.
They will make almost 500 from me on a bad day of business and on a good day of business they will make 1000 plus from me everyday
DeleteSo after paying this amount I hope when I complain that I don't see change in the economy of the country that people wouldn't come for my head
Because if I pay a most 30k every month for nothing I won't find it funny at all. People that would suffer this is business people like me who have clients all over and have to make bank Payment...
This is a lot
I'm still complaining of the cot charges of 3500 monthly and then this?? People will say it's just 50 naira.. What about those that get alert 20 times a day.. That's 20*50=1000
1000*25 days =25000
This is too much oo
End time analysis.
DeleteThey shouldn't have scrapped You Win in the first place..this government has not done anything to improve the lives of the poor masses at all..where I live,we basically depend on generator to use eye see light..the average man go think of house rent,food,children school fees,books,light bill or money for fuel..there's hardship everywhere abeg..and now this..Buhari God is watching you in 5D..I'm having the feeling that you're on a revenge mission..you didn't come to better our lives at all..
ReplyDeleteThe N50 stamp duty will be charged on all accounts except on savings accounts, and also deposits made by account holders into their own accounts, either intra or inter, will not be charged, and also no charges will be made on salary account too.
ReplyDeleteGovernment will make enough money especially on online transfer.
I can imagine how much they will make in one month.
They should look into other ways to generate fund not just this because at the end of the day it's the poor masses that will be affected more.
I can imagine someone that managed to raise school fees and will now be looking for the extra to pay.
Make them use the money well sha.
What about people working on their own, like business men. Like when ppl send money into their accounts for goods and stuff.
ReplyDeleteMy own is that 50 naira per transaction is too much... why not 10 naira... Imagine Nigeria Population. Abeg o. CBN reconsider o, as this is bad news o, especially for students and FAF. Meanwhile i don't think they mean salary accounts were exempted. I understand that salaries are exempted, that is, if you are being paid salary, they will not deduct 50bucks but nothing was said about transferring money from my salary account to my parents and siblings... Abi CBN doesn't know that that one too is salary. As in I pay my peeps salary from my salary. FG/ CBN hear us o. 10naira do una abeg.
ReplyDeletethank GOD OOO
ReplyDeletethis is serious
ReplyDelete