chmeze:
Good move by the FG to extort the masses...i love this change!!!

olatpic:
As expected, many Nigerians have expressed their dissatisfaction on the announcement by CBN instructing all DMBs (Deposit Money Banks) in the country to place a N50 charge on every transaction from N1,000.

In order to avoid any further confusion, here is what you need to know about the CBN’s N50 stamp duty:

1. It is an Act that was passed into law called the Stamp Duties Act 2004 and Federal Government Financial Regulations 2009, but now being implemented in 2016.

2. The Stamp Duty charge is not being imposed by the Banks, but by the Federal government through the CBN.

3. The imposition of the Stamp Duties Act at this time is to enhance the governments revenue generation drive which has become necessary due to the fall in global oil prices.

4. All receipts, whether Cash or Electronic transfers from N1000 and above into a Current account is eligible and will be charged N50 stamp duty.

5. Only Current accounts are eligible to be charged Stamp Duty on all receipts.

6. The following receipts are exempted from the imposition of Stamp Duty:

a. Deposits or Transfers made by SELF into another account in the same bank and/or other banks.
b. Any Transfers into a Savings account.
c. Any Withdrawals from a Savings account.

7. The Stamp Duty is charged only to the receiving account i.e. the account receiving the money.

8. The N50 Stamp Duty will be charged per transaction and not per volume; that is any transactions from N1,000 and above.

9. The monies collected does not belong to the Banks, but the Federal Government. The Banks are only a channel for collecting and remitting the money to the Federal Government.

10. Under the schedule to the Stamp Duty Act 2004, other exemptions specified includes payments of salaries and wages etc.



SOURCE: http://olaitankolawole.com/10-important-things-you-need-to-know-about-the-new-n50-stamp-duty/

olatpic:
As expected, many Nigerians have expressed their dissatisfaction on the announcement by CBN instructing all DMBs (Deposit Money Banks) in the country to place a N50 charge on every transaction from N1,000.

In order to avoid any further confusion, here is what you need to know about the CBN’s N50 stamp duty:

1. It is an Act that was passed into law called the Stamp Duties Act 2004 and Federal Government Financial Regulations 2009, but now being implemented in 2016.

2. The Stamp Duty charge is not being imposed by the Banks, but by the Federal government through the CBN.

3. The imposition of the Stamp Duties Act at this time is to enhance the governments revenue generation drive which has become necessary due to the fall in global oil prices.

4. All receipts, whether Cash or Electronic transfers from N1000 and above into a Current account is eligible and will be charged N50 stamp duty.

5. Only Current accounts are eligible to be charged Stamp Duty on all receipts.

6. The following receipts are exempted from the imposition of Stamp Duty:

a. Deposits or Transfers made by SELF into another account in the same bank and/or other banks.
b. Any Transfers into a Savings account.
c. Any Withdrawals from a Savings account.

7. The Stamp Duty is charged only to the receiving account i.e. the account receiving the money.

8. The N50 Stamp Duty will be charged per transaction and not per volume; that is any transactions from N1,000 and above.

9. The monies collected does not belong to the Banks, but the Federal Government. The Banks are only a channel for collecting and remitting the money to the Federal Government.

10. Under the schedule to the Stamp Duty Act 2004, other exemptions specified includes payments of salaries and wages etc.



SOURCE: http://olaitankolawole.com/10-important-things-you-need-to-know-about-the-new-n50-stamp-duty/

Trixxxy:
I read this to mom c She said 'Mo yi ma lo shut down current account mi yenOshi!'

omoharry:
They charge for self transfer ooo...i was charged N50 for transfering money from my savings account to my current account gtbank to gtbank.

Trixxxy:
I read this to mom c She said 'Mo yi ma lo shut down current account mi yenOshi!'

remigiusizunna:
New means of legal extortion

wiringdpt:
Nigerians wants everything for free.

wiringdpt:
Nigerians wants everything for free.

adipemcanis1:


The issue is.....we are not earning money from oil.....so we have tolook for alterante sources of funding.

Modified.....I amused by some of the comments calling this extortion.Well.....here are some facts.

1.When the law was being processed in the National Assembly.....you Nigerians were busy with your videos of the latest scandal to pay attention.

2.Oil is our only source of revenue.The price has fallen. Meanwhile....you people want govt to continue feeding you....without paying. How can?

pimpo:


Who is the government feeding?? We pay taxes and still have to provide our own power and water, and u are here saying govt is feeding ppl. Have u ever eaten a meal paid for by the govt.??

KakiP:
Most of the people even complaining about this thing are savings accounts users, don't we just love to complain in this country.

Beesluv:
I can imagine mum' s expression.

kennyman2000:


Hahahahaha.. Tell her, Buhari needs her money like kilode...