THE Federal Government through the Central Bank of Nigeria, on Tuesday, imposed stamp duty of N50 on bank customers for money received into their accounts.

Consequently, bank customers will henceforth pay N50 stamp duty for money received into their accounts via electronic transfer, cash and cheques.

This order was contained in a circular to all Deposit Money Banks and Other Financial institutions titled, Collection and Remittance of statutory charges on receipts of Nigeria Postal Service under the Stamp Duties Act”.

The CBN stated:-

“As part of efforts to boost its revenue base, the federal government of Nigeria is exploring revenue opportunities in the non-oil sectors especially taxes and rates. It is in recognition of this fact that banks and other financial institutions are enjoined to support government’s revenue drive through 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. In this regard, the CBN pursuant to the provisions of its enabling laws, hereby issues this circular to all DMBs other financial institutions:

“With immediate effect, all DMBs and other financial institutions shall commence the charging of N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act and Federal Government Financial Regulations 2009, that is, all receipts given by any bank or other financial institution in acknowledgment of services rendered in respect of electronic transfer and teller deposits from N1,000 and above;

“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.

“Each DMB shall open an account designated as NIPOST Stamp Duties Account into which all charges collected shall be paid. The balances in such accounts shall be transferred monthly by the DMBs to CBN NIPOST Stamp Duty Collection Account No. 3000047517;

“Other financial institutions shall remit their Stamp Duty collections to any DMB of their choice.”

Source:- Vanguard

If collecting fifty naira from evry individual in Nigeria will create industries and increase the economy of nigeria then I am in support of that but when it's done for dubious means, those collecting that money will die prematurely.

Which kind arrangement be dis sef?

Emefiele sef

Sincerely Speaking Emefiele New acts is getting out of hands this days. Bringing crazy ideas since his emergence! All this shii only affects masses. Is this the change we all been clamoring for??

is this the new way to diversify the economy or is the Govt teaching us how to fund a deficit budget?

Cutehector:
If collecting fifty naira from evry individual in Nigeria will create industries and increase the economy of nigeria then I am in support of that but when it's done for dubious means, those collecting that money will die prematurely.

It would affect the masses more than wealthy Nigerians. Moreover they charge for transfers done in your accounts and when you transfer money as well. Where is the dividends from those ones. I think that emefiele just been too rigid. He doesn't carry along his team of brains. Dictating central bank like his personal industry

Na wa o

balash:


It would affect the masses more than wealthy Nigerians. Moreover they charge for transfers done in your accounts and when you transfer money as well. Where is the dividends from those ones. I think that emefiele just been too rigid. He doesn't carry along his team of brains. Dictating central bank like his personal industry

lol the 65 naira they collecting did not satisfy them, nw it's fifty naira.. Still there is no progress in the country, even bank staff aren't paid well.

whats this country turning into?

N50 naira is too much to charge for a very populated country like Nigeria, N20 would have made much sense. This is the reason why inflation is much in Nigeria, this charge will make prices of goods and services to increase as this will be a good excuse for many to increase prices.

With our very large population, a N10 or N20 will suffice, another bad policy to counter the cbn cashless policy.

governmen endorsed salami scamm.

Cutehector:
lol the 65 naira they collecting did not satisfy them, nw it's fifty naira.. Still there is no progress in the country, even bank staff aren't paid well.

Iswear O!! I get a lot of transfers o! Sometimes them dey comot their 65naira in d midnight and send me alert around 3am midnight. Lol

Mynd44 Lalasticlala Seun Comman see Emefiele O! Lol we go protest O

CharlesPhc:
More clarifications Pls...!!!

It is just N50 deduction irrespective of the amount received or what? Say I received N200m and they deduct N50, would it also be thesame N50 when I receive N500m?

Even if it's 1billion, as far as its a deposit into your account, 50naira is out immediately.

Keneking:
Which kind arrangement be dis sef?

Emefiele sef

So says the same guy that was defending Kemi Adeosun on another thread

Would you have said this if Emefiele was Yoruba?

You won't form ideas to generate your own money, instead you are probing people left, right and centre and you keep fining companies and organisations. You increased customs duties and now you want to charge us for collecting money through our savings account too.


Pray to God to take away begging spirit from you. Introduce good policies to generate money. Stop ripping people off in many ways you lazy man. Deliver the change promises you made during your campaigns.

Lazy leader.

balash:
THE Federal Government through the Central Bank of Nigeria, on Tuesday, imposed stamp duty of N50 on bank customers for money received into their accounts.

Consequently, bank customers will henceforth pay N50 stamp duty for money received into their accounts via electronic transfer, cash and cheques.

This order was contained in a circular to all Deposit Money Banks and Other Financial institutions titled, Collection and Remittance of statutory charges on receipts of Nigeria Postal Service under the Stamp Duties Act”.

The CBN stated:-

“As part of efforts to boost its revenue base, the federal government of Nigeria is exploring revenue opportunities in the non-oil sectors especially taxes and rates. It is in recognition of this fact that banks and other financial institutions are enjoined to support government’s revenue drive through 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. In this regard, the CBN pursuant to the provisions of its enabling laws, hereby issues this circular to all DMBs other financial institutions:

“With immediate effect, all DMBs and other financial institutions shall commence the charging of N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act and Federal Government Financial Regulations 2009, that is, all receipts given by any bank or other financial institution in acknowledgment of services rendered in respect of electronic transfer and teller deposits from N1,000 and above;

“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.

“Each DMB shall open an account designated as NIPOST Stamp Duties Account into which all charges collected shall be paid. The balances in such accounts shall be transferred monthly by the DMBs to CBN NIPOST Stamp Duty Collection Account No. 3000047517;

“Other financial institutions shall remit their Stamp Duty collections to any DMB of their choice.”

Source:- Vanguard

playtheblues:
You won't form ideas to generate your own money, instead you are probing people left, right and centre and you keep fining companies and organisations. You increased customs duties and now you want to charge us for collecting money through our savings account too.


Pray to God to take away begging spirit from you. Introduce good policies to generate money. Stop ripping people off in many ways you lazy man. Deliver the change promises you made during your campaigns.

Lazy leader.

It's emefiele idea o? Not buhari idea o.. Na emefiele dey carry am go meet buhari to convince am say it's good for the nation economy.

Rose2014:


So says the same guy that was defending Kemi Adeosun on the another thread

Would you have said this if Emefiele was Yoruba?

Lmao!!

Did this decision go through our useless federal house of Assembly, either for confirmation or review.
If this is allowed to stand, It will kill the cashless society we all crave for.
Nigeria is not due for this policy.Imagine receiving payment for a goods of 1,200 naira via POS after other bogus bank charges plus this rubbish.

balash:



Lmao!!

You'll soon tell me why you're laughing


Hypocrisyeverywhere#

Rose2014:


You'll soon tell me why you're laughing


Hypocrisyeverywhere#

Heheehe dinno wanna say anything o! Don't koba me lol

Did Emefiele do that during the last regime?


He's acting out Buhari's script.

balash:



It's emefiele idea o? Not buhari idea o.. Na emefiele dey carry am go meet buhari to convince am say it's good for the nation economy.

playtheblues:
Did Emefiele do that during the last regime?


He's acting out Buhari's script.

You are wrong my brother. GEJ was too dictative with them and they had no free hands to run things brilliantly, but buhari gave them freedom to work with their brains and develop great ideas for the good growth of nigeria economy. In emefiele's right mind it's a good idea and he knows where he is trying to channel whatsoever he gets but Nigerians are not ready for this sorta policies, just not now