Nigeria Employers Consultative Association, NECA, umbrella body for employers in the country, yesterday, berated Central Bank of Nigeria, CBN, over its failure to comply with the Court of Appeal’s ruling directing all Deposit Money Banks, DMB, to discontinue the illegal charging of N50 per transaction in lieu of Stamp Duties.

It will be recalled that the Court of Appeal sitting in Lagos on April 21, 2016, ruled against the imposition of stamp duties on bank lodgements with value of N1,000 and above.

The Federal Government had planned to raise about N2.5 trillion per annum from the duty.

Ruling on an appeal filed by Standard Chartered Bank against Kasmal International Services Limited and 22 others, Justice Ibrahim Saulawa and four other Justices of the Court of Appeal sitting in Lagos, held that the Stamp Duties Act, 2004 did not impose a duty on Deposit Money Banks to deduct N50 on deposits.

The CBN had, in a circular issued to the DMBs, directed them to deduct N50 for stamp duties on every deposit into a current account of N1,000 and above from January 1, 2016.

The circular, which has since been implemented by the banks, came despite the pendency of issue in the court.

Furthermore, even after the Court of Appeal order to DMBs to discontinue the stamp duty charge, the banks have continued debiting customers’ accounts on stamp duty.

NECA and the Organised Private Sector, OPS, had opposed attempts by the Nigeria Postal Service, NIPOST, to compel companies to affix a N50 postal stamp on all receipts, invoices and documents evidencing transaction of N1, 000 and above.

NECA, in a statement in Lagos by its Director General, Mr. Segun Oshinowo, said that “There had been a landmark ruling in the case at the Court of Appeal on this subject matter between Kasmal International Services Limited and Access Bank and 23 others, which declared the deductions illegal.

“NECA has expressed grave concern over the failure of the Central Bank of Nigeria, CBN, to reverse its earlier directives to all DMBs to halt the charging of N50 per eligible transaction in accordance with the assumed provisions of the Stamp Duties Act and Federal Government Financial Regulations (2009). The CBN is hereby, advised to do the needful without delay by directing cessation of further deductions and commence the refund of all accrued deductions in the past to their customers.

“NECA urges the Buhari administration to restrain its operatives from pursuing policies that will increase the burden on the citizenry both corporate and individuals. Stamp Duty’s applicability is limited to purchases involving large sums like a house purchase or importation of goods as against the position of applying N50 postage stamp to all receipts given by any bank (or financial institution) in acknowledgement of services rendered in respect of electronic transfer and teller deposits.”

http://www.kikiotolu.com/2017/02/neca-attacks-cbn-over-n50-stamp-duty.html

Lalasticlala Mynd44 seun Dominique

They won't listen

And the drama continues.. Nigeria season 5

No accountability

Toor mogbo o.

Dem go hear....

Lol

Scam government

Happy new month nairaladers !!!!!!

Me jejely know say this government non go get head and na failure.

My neighbour who was once living well, eating 3 square meal and pays house rent upfront during GEJ tenure can't even eat 2 square meal again, owing 1 year rent now. Do you know why I laugh at him? Becos he was among the top financial of this change in my neighbourhood. When Buhari won I have to take leave for 2 weeks because of the embarrassment I was facing from them. He told my other neighbour yesterday that he will be part of this 2face March.

Who is wiser now?

We are in a new month and MMM is still yet to pay people. Are they still rehabilitating the site?
Click like if you think MMM is gone. Share if you think MMM still exists.

Happy New month.

so NECA don't know that buhari doesn't obey court orders? especially when he would make 2.5trillion naira per annum.i just love this buhari government, taxing both legally and illegally. sai baba till 2023,lalasticlala over to you.

OK

The criminals at Diamond Bank has been attacking my account since some hours ago.
Monthly desc whatever,
Value added tax.

To the tune of 11k plus... For exactly what, I don't get it.

please advice, diamond bank just removed #650 in bits from my account claiming to be stamp duty charge...am using savings account, is this appropriate? What step can i take

Useless CBN, policies they draft and implement overnight.

Freaking thieves!

sai baba

the finance minister could not account for the 2.2trillion naira loan that they took and now they are deducting peoples money, thieves.

We are in the Era of lawlessness, so I don't expect them to comply.

Nigeria Jaga Jaga everything scatter scatter.....

Nigerian govt and systematically stealing from nigerians since 1914

does it mean that this govt can never obey Court orders, hmmmmmm nawa

NextGovernor:
Me jejely know say this government non go get head and na failure.

My neighbour who was once living well, eating 3 square meal and pays house rent upfront during GEJ tenure can't even eat 2 square meal again, owing 1 year rent now. Do you know why I laugh at him? Becos he was among the top financial of this change in my neighbourhood. When Buhari won I have to take leave for 2 weeks because of the embarrassment I was facing from them. He told my other neighbour yesterday that he will be part of this 2face March.

Who is wiser now?

You're because you had a forth sight of what would happen

abouzaid:
so NECA don't know that buhari doesn't obey court orders? especially when he would make 2.5trillion naira per annum.i just love this buhari government, taxing both legally and illegally. sai baba till 2023,lalasticlala over to you.

That's the main reason most of us didn't vote him because a leopard would remain a leopard.

The real scam is when you see #250 stamps after paying #64000 for opening a limited liability company with 10 million share capital

Too bad

sabbath316:
please advice, diamond bank just removed #650 in bits from my account claiming to be stamp duty charge...am using savings account, is this appropriate? What step can i take

Nothing, it's not Diamond Bank that charges stamp duty, it's CBN that charges stamp duty.

If you're charged for that, just cry your cry

Yarnvibes:

Nigeria Employers Consultative Association, NECA, umbrella body for employers in the country, yesterday, berated Central Bank of Nigeria, CBN, over its failure to comply with the Court of Appeal’s ruling directing all Deposit Money Banks, DMB, to discontinue the illegal charging of N50 per transaction in lieu of Stamp Duties.

It will be recalled that the Court of Appeal sitting in Lagos on April 21, 2016, ruled against the imposition of stamp duties on bank lodgements with value of N1,000 and above.

The Federal Government had planned to raise about N2.5 trillion per annum from the duty.

Ruling on an appeal filed by Standard Chartered Bank against Kasmal International Services Limited and 22 others, Justice Ibrahim Saulawa and four other Justices of the Court of Appeal sitting in Lagos, held that the Stamp Duties Act, 2004 did not impose a duty on Deposit Money Banks to deduct N50 on deposits.

The CBN had, in a circular issued to the DMBs, directed them to deduct N50 for stamp duties on every deposit into a current account of N1,000 and above from January 1, 2016.

The circular, which has since been implemented by the banks, came despite the pendency of issue in the court.

Furthermore, even after the Court of Appeal order to DMBs to discontinue the stamp duty charge, the banks have continued debiting customers’ accounts on stamp duty.

NECA and the Organised Private Sector, OPS, had opposed attempts by the Nigeria Postal Service, NIPOST, to compel companies to affix a N50 postal stamp on all receipts, invoices and documents evidencing transaction of N1, 000 and above.

NECA, in a statement in Lagos by its Director General, Mr. Segun Oshinowo, said that “There had been a landmark ruling in the case at the Court of Appeal on this subject matter between Kasmal International Services Limited and Access Bank and 23 others, which declared the deductions illegal.

“NECA has expressed grave concern over the failure of the Central Bank of Nigeria, CBN, to reverse its earlier directives to all DMBs to halt the charging of N50 per eligible transaction in accordance with the assumed provisions of the Stamp Duties Act and Federal Government Financial Regulations (2009). The CBN is hereby, advised to do the needful without delay by directing cessation of further deductions and commence the refund of all accrued deductions in the past to their customers.

“NECA urges the Buhari administration to restrain its operatives from pursuing policies that will increase the burden on the citizenry both corporate and individuals. Stamp Duty’s applicability is limited to purchases involving large sums like a house purchase or importation of goods as against the position of applying N50 postage stamp to all receipts given by any bank (or financial institution) in acknowledgement of services rendered in respect of electronic transfer and teller deposits.”

http://www.kikiotolu.com/2017/02/neca-attacks-cbn-over-n50-stamp-duty.html

Lalasticlala Mynd44 seun Dominique

THE PROBLEM OF INCREASE IN THE PRICE OF commodities is due to the CORRUPTION in CBN I'm GLAD TO SAY their time is up