FG reviews N50 stamp duty charge to transactions above N10,000
My opinion on this is that it’s simply another way to steal your money. Point Black. After accumulating on the fees I paid over a span of a month in one of my Nigerian bank, it’s crystal clear that most of the banks perform broad day theft. Fees and charges are levied to steal your money.
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The Nigerian government has reviewed its policy on stamp duty charges, levied on electronic payments.
According to Punch, the new proposed finance bill disclosed that the N50 stamp duty charge would now be levied on electronic payments above N10,000 as against payment above N1,000. The finance bill is a plan by the Federal Government to revamp tax administration in the country by introducing various tax increment
However, the new bill exempts bank transfers between two accounts owned by the same person or organization from stamp duty charges. The bill repeals a provision of the Stamp Duty Act 2014 which holds the threshold for receipts chargeable with stamp duty as N4 and above.
How did we get here? As reported on Nairametrics, the Central Bank of Nigeria (CBN), through a circular released on the 17th of September, which majorly affected Point of Sale transactions, authorized banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions.
The directive, which took effect immediately, was widely rejected by industry stakeholders and Nigerians at large, with concerns that the policy would stern the cashless economy and financial inclusion agenda of the government.
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