Koolking:


Current and Saving on third party transfer/deposits are dutiable (except self transactions). I guess, banks have not done enough to sensitize their customer care representatives. Ask some of them the true position, their answers will confuse them more than you as a customer.

thanks. I will still pursue my complaint with CBN, I hope they will clarify it better, if savings account is truly included, then they should remove that withdrawal/transfer from savings account clause, that statement is causing commotion.
I don't even mind paying the money if it's legal, but to be charged for salary when it's exempted or charged for any other receipts is kinda giving the banks the money, because they might even steal it in connivance with one crook government officer, and person no go know anything.

poseidon12:
.

Does government feed any one in Nigeria?

Considering the fact that they pay a lot of salaries for so many people.....and their dependents....yes.

Unless you think that the civil servant working at the Ministry of Transport gets his money from Dangote. Or from Oyedepo.

Then there are things like contracts, etc......

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.

.

You should go challenge the bank on that. Let them know they cannot do that. They should refund it.

Ofcourse, the stamp duty charge does not affect payment of other taxes.

macphilip:
Is there still any need to pay tax after paying stamp duty

Lol...

HerexG:
Chai! Owu don blow our government, sote dem don turn agbero wey dey collect 50naira

adipemcanis1:


The issue is.....we are not earning money from oil.....so we have to look for alternate sources of funding.

Modified.....I am really 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?

which goverment dey feed person?
Basic social amenities they can not produce properly for nigerians. Good schools, roads proper water and power supply. They are busy spending billions on maintenance and wardrobe allowance, an average lawmaker in this country earns 40 times more than that of an indian lawmaker. They should start from those areas and slash those figures for revenue generation, instead VAT on power supply was massively increased and now stamp duties on current accounts. Who is feeding who?
No provoke me!!!

edoziebobbyyahoocom:

which goverment dey feed person?
Basic social amenities they can not produce properly for nigerians. Good schools, roads proper water and power supply. They are busy spending billions on maintenance and wardrobe allowance, an average lawmaker in this country earns 40 times more than that of an indian lawmaker. They should start from those areas and slash those figures for revenue generation, instead VAT on power supply was massively increased and now stamp duties on current accounts. Who is feeding who?
No provoke me!!!

Of course they should....but then again....we are not a rich nation....which is why overspending and corruption is bad.

To sum up.....no one gets rich from relying on one stream of revenue.



If I was in Aso Rock....na power and rail and education I go focus on. Everyone else can go look for money on their own.


By the way.....who is the biggest employer in Nigeria,who pays their salaries,and who pays pensions and contractors?

I don't know if this is an automatic deduction from the banks core application or there's a maker checker that's being checked by the teller posting the transaction cos I observed I was charged the N50 on my saving acct when I made a lodgement by myself.

In light of the above complaint, I think this deduction contradict with what the op stated above. As I was charged for deposit made by self into a saving acct. I'll inquire from them when next I visit the bank.

I don't have problem with govt trying to shore up revenue generation from non oil means.
The issue I have with this stamp duty N50 collection is: What value(s) does it offer to those whose accounts are charged?

My banks charged me stamp duty on my savings account,

Stanbic and Gtbank

NO..you're wrong! I copied the article from my blog to this place just to educate people like YOU.

richard870:
You wrote all these poo just to promote your blog...shameless LINDA-IKEJI-WANNABE

Any customer paying into my bank account should kindly add the stamp duty charge to the money deposited..........I can't bear the cost, my customer had to bear it becos I love them.....

It is wrong! Write your bank to inform them of the anomaly. If they fail to revert the charge(s) after one week...report them to CBN.

NB: There has been cases of people whose Savings account was charged just like yours but reverted back within a week.

gboss4sure:
My banks charged me stamp duty on my savings account,

Stanbic and Gtbank

adipemcanis1:


That is what I expect....which is why APC is putting itself in the hot seat by charging taxes.

Spot on. And we must demand that the taxes so collected are put into use for the benefit of most Nigerians.

Very sure! I went to the extent of downloading the communique as released from CBN website to have a better understanding of this.

The truth is, most bankers (bank officials) don't even have a proper knowledge of this issue.

You can imagine, my account officer even told me Savings account is inclusive.

customised87:


Are you sure about that?

It is wrong! Write your bank to inform them of the anomaly. If they fail to revert the charge(s) after one week...report them to CBN.

NB: There has been cases of people whose Savings account was charged just like yours but reverted back within a week.

millhouse:
My salary account was charged 50 naira when salaries were paid.... My savings account was charged 50 naira when I paid money into it.. So who do I report all dis illegal charges to? .

adipemcanis1:


Well...

Govt subsides health care, education, fuel, and builds roads, railways and a host of other things.And they are the largest employer in Nigeria.

Of course...they do it inefficently....but still....Nigerians rely on govt for a host of things.

Forget that thing wey u dey talk oo!
When last did you go to any govt health centre for treatment? Were you not charged for it?
The schools you talk of, in your state, did you receive free education from primary to tertiary?
D one wey pain me pas be d roads and rails you talk about. So all these tax collectors that always badge into my shop to collect tax every year, i guess we are just dashing them the monies for them to develop their families okwia?

Maybe the government feeds you on daily basis, but for me, whatever services i enjoy from them, i paid for it.

Bros, it is wrong. But the thing is most of this bankers are misinformed..

I will attach the original statement from CBN to my original post when am on PC.

ojochidem:
STANBIC IBTC has been charging STAMP DUTY fee on my Savings Account. I went to my Branch and the Customer Care reps insisted that the charge is in order. I also saw other customers complaining.

CBN should come to our AID.

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/

what of a salary account operated as current? my salary account is a current account domiciled with standard chartered bank , I got alert of stamp duty deduction last week .

Wait
Did you say only current account
My bank took the (#50:00),off my new saving account that I just opened somewhere in Shoprite
Still got the message on me
Is this wrong deduction
Do educate me
Thanks

poseidon12:
.

You should go challenge the bank on that. Let them know they cannot do that. They should refund it.

I have already writen to them for a refund....since they dont respond to thier call.

Don't get it but dis Op is dead wrong, I was charged 850 naira for d whole of january transaction done by me by diamond bank. Am using saving acct, so I don't know where u hear d info that its only for current users only. Its both savings and current.

This is stealing in another form or way...... [color=#770077][/color]Why is it that APC led government are the one to implement this rubbish.
They are a million things to implement , so why not they implement them.....non-sense.

D dullard is charging us 50naira per transaction to fund his $1million per trip travel expenses.

D economy is dwindling
High cost of living and more .

Bt d dullard is doing wakawakaajala around d globe.

Abi o..but am not bothered by his rant.

My aim is to educate Nigerians on the subject matter...and I have been able to achieve that.

wolero7:


You can't be serious. How many Linda's post addresses what affect the masses? Only celebrity news and scandals. And besides everything is well stated here. No need to go to his website if you don't wanna go.

olatpic:
NO..you're wrong! I copied the article from my blog to this place just to educate people like YOU.

You re more than funny

I love your epic responses...

I think many people talk just before thinking..

adipemcanis1:


Considering the fact that they pay a lot of salaries for so many people.....and their dependents....yes.

Unless you think that the civil servant working at the Ministry of Transport gets his money from Dangote. Or from Oyedepo.

Then there are things like contracts, etc......

I was charged 50 for stamp duty by UBA on my savings account, but the article says on current account.

Then, UBA is a thief becos they deducted 50naira from my savings account in january. CBN please tell UBA to refund my money becos this is stealing by UBA and am very sure am i won't be the only one stolen from.

What?? Igwe must hear dis

Where do govt want us to pay from?