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Nigerians To Start Paying For Bank Deposits In 2020 - Business (7) - Nairaland

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Re: Nigerians To Start Paying For Bank Deposits In 2020 by pocohantas(f): 8:19am On Sep 18
Nonsense.

It won't fly.

What if I decide to break the money into bits?

Or is the N500,000 deposit limit, daily?

If it isn't. I can get 3 people to pay in N500k and everyone is happy.

2 Likes

Re: Nigerians To Start Paying For Bank Deposits In 2020 by 9ty4our: 8:20am On Sep 18
Good job Buhari, very lovely. This is when you are working.. Make them feel the benefit of voting you into power, and as for those political detainees don't ever release them let them rot in jail, don't listen to anybody not even the court orders.. I hear people shouting rule of law, tell them you are the law and you can rule as you like. Please don't forget to legalize the activities of boko haram members, give fulani herdsmen appointment in your government nobody will say pim.. Tell those NLC guys to go to hell with their #30,000 minimum wage, hey; you have the National assembly in your pocket (have you forgotten?, tell them to make the necessary amendment so you can run for third term. Kudos to you Presido. Make them feel you in their bone marrow.. Let them know the real definition of Hunger and Pains.. Let them that voted for you BLEEEEEEEEEEEEEEEEEEEED!

1 Like

Re: Nigerians To Start Paying For Bank Deposits In 2020 by ornicus: 8:20am On Sep 18
pocohantas:
Nonsense.

It won't fly.

What if I decide to break the money into bits?

Or is the N500,000 deposit limit, daily?

If it isn't. I can get 3 people to pay in N500k and everyone is happy.


Book-keeper for the mob

1 Like

Re: Nigerians To Start Paying For Bank Deposits In 2020 by RUDEBOYY(m): 8:26am On Sep 18
I don't want to curse you.

mrvitalis:
This is luxury tax no one should complain

It would affect me very much but i believe in taxing
Re: Nigerians To Start Paying For Bank Deposits In 2020 by ChristianNorth: 8:26am On Sep 18
mfm04622:


This is not a tax! Taxes goes to government. This is a service charge and will be retained by service providers (banks). The aim of this is to force citizens to use cashless options instead of cash.
That is a nice policy. If you are withdrawing cash, you will be charged 5% processing fee and if you are depositing over 3M into a corporate account, you will be charged N90,000.

This will force many to adopt the cashless policy.

But from the same next year, all online transactions including transfers would be taxed separately + additional charges from the new VAT regime.

You are discouraging cash movement at right hand side and encouraging cash payment at the left hand side with two strong policies.

Buhari is dead brain.

No apologies. I have never seen someone so confused and clueless.

Cc:
Omenka
Sarrki
Mannabbqgrill
Buhariguy
Oyatz
GenBuhari
Gworotango
Ngeneukwenu
Mynd44

Come and defend the dead wood.

2 Likes

Re: Nigerians To Start Paying For Bank Deposits In 2020 by Divit(m): 8:27am On Sep 18
mfm04622:


This is not a tax! Taxes goes to government. This is a service charge and will be retained by service providers (banks). The aim of this is to force citizens to use cashless options instead of cash.

Same system that was imposed by governments from top nations including USA, Canada, UK, India, France and most of EU. But I don’t blame Nigerians sha, they are mostly illiterate or too dumb to understand the true message in a post.

That is the first major reality that shocks them when they first travelled out of the country to developed nations over complaints of it being bad, and later discover that even those already-made nations have much more killing-taxes and regulations than Nigeria has.


Dreamers everywhere. They don’t want to contribute to the economy, but will like it to progress as if its on auto-pilot. All they know is to watch useless bbnaija, vote using money that should have been spent on other meaningful things, or go use their money to watch barca vs real madrid and argue till the birds flying by complains of their noises. angry
Re: Nigerians To Start Paying For Bank Deposits In 2020 by mfm04622: 8:29am On Sep 18
MobilityExpress:


You're out here talking blind. In the CHAIN PROCESS of CASHLESS TRANSACTIONS, SOMEBODY within the chain HAS TO MAKE CASH DEPOSITS otherwise THERE CANNOT BE CASHLESS TRANSACTIONS. Someone in that chain has to enter the bank to credit the account, because that is the foundation of every economy, CASH. Every country in the world, every government in the world PRINTS CASH currency to circulate within its country for trade and purchases and other reasons. If you truly want ZERO CASH OR CASHLESS Economy the government should not print cash again and let's see whether that economy will not collapse. Cash (physical legal tender) can never be eradicated. The problem is the Nigerian government are always so dumb and wicked, every time they try to solve one problem, they end up created 20 new problems. They create more problems whenever they try to solve and eventually end up not solving anything at all but adding new problems to society. The problem they are trying to solve is DECREASING THE POPULATION OF UNBANKED PEOPLE. Education would have been a better way to do that. The more your population gets educated, I mean illiteracy level decreases in society, the more people will naturally embrace banking. That's one feasible way to achieve this aim. A gradual process. It can never happen over night no matter what you do. But introducing terrible economic policies because you want to force people to bank, and not really because you want to force them to bank for their benefit but because you want to force them to bank so you can further exploit the masses through the banks and RIP THEM OFF OF THEIR HARD EARNED MONEY is nothing but wickedness and fraud. I just pity APC, as of now, THERE IS STATISTICALLY NO WAY FOR THEM to win 2023 presidential elections. Just like GEJ cost PDP the presidency, APC will lose in 2023 because of Buhari. Mark this post down.

Again, I am not blind! Who told you anybody has to deposit cash? I am a salary earner. My salary is paid directly to my account. So everything I spend in a month, if the seller or service providers has cashless option, I don't need to withdraw cash. Same thing for sellers and services providers too. If their vendors have cashless option, they don't need to deposit cash!
I have a challenge for you. Kindly seat down and calculate how much VAT you paid in August. For the while month if August! The only things you would have paid VAT for is telecoms services, banking services and power supply. Even you are not praying the real cost of the power supply. That leaves only telecoms services and banking services. So how much did your bank charged you in August and how much VAT did you pay on that? How much did you spend on calls and data did you in August and how much was 5% of that? Except you visited hotels or other service providers which is for rich people. VAT is targeted against rich people. All basic necessities of life are VAT exempt. Why are you complaining?
As for election, was that not what you said before 2019 election?

1 Like

Re: Nigerians To Start Paying For Bank Deposits In 2020 by samirus: 8:29am On Sep 18
mrvitalis:

I said 600 per month ? An average nigerian dont spend 600 a day thats a lie oga
Mr man you need to leave that ur comfort zone and go see what is happening in real world.
Re: Nigerians To Start Paying For Bank Deposits In 2020 by RUDEBOYY(m): 8:29am On Sep 18
if we allow this shit...then I'm sorry we will allow just about anything to happen in this country
Re: Nigerians To Start Paying For Bank Deposits In 2020 by mrvitalis(m): 8:30am On Sep 18
samirus:

Mr man you need to leave that ur comfort zone and go see what is happening in real world.
I own my factory ...i haven't paid tax ..since i started operation we cant grow that way
Re: Nigerians To Start Paying For Bank Deposits In 2020 by FuckDaMods: 8:30am On Sep 18
Femich18:
Tax on deposit? Wow!
This is really Pathetic.



Aim at encouraging cashless transactions? This Govt is not getting their policy right. same Government planning to impose extra VAT on online purchases. You discourage them in one and encourage it another policy. Who does that?
That is confusion to me

That's the plan.. To block your escape route. You must pay that tax either way.
Re: Nigerians To Start Paying For Bank Deposits In 2020 by mfm04622: 8:33am On Sep 18
ChristianNorth:

That is a nice policy. If you are withdrawing cash, you will be charged 5% processing fee and if you are depositing over 3M into a corporate account, you will be charged N90,000.

This will force many to adopt the cashless policy.

But from the same next year, all online transactions including transfers would be taxed separately + additional charges from the new VAT regime.

You are discouraging cash movement at right hand side and encouraging cash payment at the left hand side with two strong policies.

Buhari is dead brain.

No apologies. I have never seen someone so confused and clueless.

Cc:
Omenka
Sarrki
Mannabbqgrill
Buhariguy
Oyatz
GenBuhari
Gworotango
Ngeneukwenu
Mynd44

Come and defend the dead wood.

VAT in online transactions were never removed in the first place! Just that governments have not been demanding for it. The fact that you pay for goods and services online does not remove the tax liability from you! Any service providers or seller selling goods and services not tax exempt online or offline need to pay VAT. It is simple

1 Like 1 Share

Re: Nigerians To Start Paying For Bank Deposits In 2020 by Evercurious(f): 8:34am On Sep 18
mrvitalis:
This is luxury tax no one should complain

It would affect me very much but i believe in taxing

We know even of there s a knife over your neck ,you ll still justify your killers.. Continue
Re: Nigerians To Start Paying For Bank Deposits In 2020 by glink2015: 8:35am On Sep 18
What is national assembly doing about this draconic banking policy? Because we ask for increment in minimum wage , you are now looking for measure to collect it back through unjustifiable banking policy...

This government shld resign or be impeached

1 Like

Re: Nigerians To Start Paying For Bank Deposits In 2020 by ChristianNorth: 8:38am On Sep 18
mfm04622:


VAT in online transactions were never removed in the first place! Just that governments have not been demanding for it. The fact that you pay for goods and services online does not remove the tax liability from you! Any service providers or seller selling goods and services not tax exempt online or offline need to pay VAT. It is simple
Go back and read post you quoted.

Now, slowly.

Thank you

1 Like

Re: Nigerians To Start Paying For Bank Deposits In 2020 by olakintanj(m): 8:44am On Sep 18
Zenith Bank has started it already. Someone very close to me opens an account with Zenith Bank, and every time a third party lodge money to the account, he will be charged

stanech:
Nigerians To Start Paying For Bank Deposits In 2020
The charges will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.

Starting from September 18, 2019, Nigerians operating bank accounts will begin to pay charges for deposits and withdrawals.

Making the announcement on Tuesday, the Central Bank of Nigeria said that the nationwide implementation of the cashless policy will begin by March 2020.

The apex bank said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

According to the circular, the charges will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.

For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fee for withdrawals and three per cent for lodgments of amounts above N3m.

The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.

http://saharareporters.com/2019/09/17/nigerians-start-paying-bank-deposits-2020
Re: Nigerians To Start Paying For Bank Deposits In 2020 by obama30: 8:44am On Sep 18
stanech:
Nigerians To Start Paying For Bank Deposits In 2020
The charges will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.

Starting from September 18, 2019, Nigerians operating bank accounts will begin to pay charges for deposits and withdrawals.

Making the announcement on Tuesday, the Central Bank of Nigeria said that the nationwide implementation of the cashless policy will begin by March 2020.

The apex bank said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

According to the circular, the charges will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.

For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fee for withdrawals and three per cent for lodgments of amounts above N3m.

The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.

http://saharareporters.com/2019/09/17/nigerians-start-paying-bank-deposits-2020


two eastern state, two western state and 1 northern state, but if is for job appointment or project it will be 4 northern state 1 southern state and no one see to condemn it

1 Like 1 Share

Re: Nigerians To Start Paying For Bank Deposits In 2020 by Advancedman(m): 8:47am On Sep 18
mrvitalis:
This is luxury tax no one should complain

It would affect me very much but i believe in taxing

Money laundering and return of house burglar and robber also don't forget household thieves and steward
Re: Nigerians To Start Paying For Bank Deposits In 2020 by StacyO: 8:53am On Sep 18
Next2Bezee:


See the people that voted him in.
Lol
Savage
Wicked piple everywhere
Re: Nigerians To Start Paying For Bank Deposits In 2020 by booscy(m): 8:54am On Sep 18
Eze2000:


WillieWillie

Old Aba boy sighted

Ahulam give m Brodaly grin grin grin grin grin grin grin
Re: Nigerians To Start Paying For Bank Deposits In 2020 by Mkez(m): 8:56am On Sep 18
I can't believe my brain on this issue. why not all the state government look inward by exploring the mineral deposited in each state rather coming with the policy of milking the masses ? isn't from the Kobo Kobo we deposited?
Re: Nigerians To Start Paying For Bank Deposits In 2020 by Minjim: 9:01am On Sep 18
Danchibez:


but i thought that Bank only deducts if d transaction is from different banks
That was what I tot too. Until Gtbank shocked me
Re: Nigerians To Start Paying For Bank Deposits In 2020 by elujah1(m): 9:02am On Sep 18
And are the systems for cashless transactions effective

mployer:


It's not luxury tax.

It's policy implementation tax, aimed at encouraging cashless transactions.

People really need to stop moving bundles of cash around.
Re: Nigerians To Start Paying For Bank Deposits In 2020 by Sleekjunior(m): 9:09am On Sep 18
ode
mrvitalis:
This is luxury tax no one should complain

It would affect me very much but i believe in taxing
Re: Nigerians To Start Paying For Bank Deposits In 2020 by shadeyinka(m): 9:42am On Sep 18
mrvitalis:

The only way a government can work is if the people feel they have an expectation and hold government accountable and the only way to do that is to tax the citizens till he feels it enough to care

U think if subsidy came from tax we would still have it ?
U think if people are taxed they would be paid 5k to vote when u pay 30k a month in tax

U think people would allow rigging ?
You speak like we have an educated voting population. I can bet it with you that Nigerians will just try to weather through whatever difficulty extra tax is causing us.

Inflation over a period of 40 years is in the several thousand folds (not percent) yet no body has protested. Poverty has increased so much and Nigerians would rather commit suicide.

Bottom line: we are too divided to speak in one voice against reckless leadership. Those who are speaking are minorities in every respect. I hate what this country currently represents and I also feel powerless to change things.

Truthfully, Nigeria is in the hands of area boys and we are at their mercy
Re: Nigerians To Start Paying For Bank Deposits In 2020 by Opetech(m): 9:43am On Sep 18
ChristianNorth:

Go back and read post you quoted.

Now, slowly.

Thank you


Don't mind mfm04622,
He was full of energy justifying what is not! He did not even take a little time to read your post well.
Re: Nigerians To Start Paying For Bank Deposits In 2020 by Japhet31: 9:50am On Sep 18
mrvitalis:
This is luxury tax no one should complain

It would affect me very much but i believe in taxing

Why not reduce your lodgements to 450k Tranches? That may solve it. Till they create a net for that hole too...
Re: Nigerians To Start Paying For Bank Deposits In 2020 by mrvitalis(m): 9:53am On Sep 18
Japhet31:


Reduce your lodgements to 450k Tranches Simple...
They are smart na as long as its same account ...if u like do 1 naira times 500 ,000 times
Re: Nigerians To Start Paying For Bank Deposits In 2020 by TroubleMaker47(m): 9:53am On Sep 18
orunmila144:
now this is a valid concern. 4 wks ?
Yes i had a customer who had a failed 62k POS transaction on 27th Dec 2018.
He told me he finally got a reversal on the 3rd wk of Feb 2019!!!
Re: Nigerians To Start Paying For Bank Deposits In 2020 by GreyLaw(m): 9:57am On Sep 18
Base1line:
Funny how people that studied literature will be foaming in the mouth over outstanding government economic policies.


That Nigerian pride @bolded statement. You mean people who studied literature like Wole Soyinka, Chimamanda Adichie and the rest? What nonsense did you just spew there?

What you know in life is beyond what you studied in school. Jim Yong Kim, former world bank president who stepped down February 1 2019, was a medical doctor and an anthropologist.
Re: Nigerians To Start Paying For Bank Deposits In 2020 by kalvoken: 10:02am On Sep 18
One thing I love Nigerians for is that they can complain for Africa, provided it's done online. And everything will end there as they try to adapt to the more sufferness imposed on them. The moment you mention street protest, then will they remember your tribe.


Okay back to the topic. What has the federal government done with the money they have been recovering that they need to rob people in the name taxation. You claim to encourage cashless policy yet you tax people for depositing their money in the bank. Why not only during withdrawal? I can remember the husge sum recovered from abacha's loot then was dashed out to the poor(according to buhari and osibanjo), probably because they do not have any project to channel the money to. I am yet to see any Nigerian from my side testify onhow he/she got any free money from them.

That was how I went to fidelity bank to withdraw 900k+ then, like 4 months ago, the guy hinted me that I would be charge close to 14k for withdrawing above 5hk..
I just asked him to give me 450k while I go to another bank to withdraw the rest "THEIR FATHER".


I will advice Nigerians to open multiple bank accounts with different banks. That way you can do as you like.

Well, they say a journey of mikes begins with a step, I am on my way to Canada already. After hearing that lady that as she slammed USA in favour of Canada, my life no dey de same again.

Re: Nigerians To Start Paying For Bank Deposits In 2020 by alexola20(m): 10:07am On Sep 18
Tax is fine if it's spent in judicious ways by the govt.But in Nigeria,it's sad story of embezzlement and misappropriation.
mrvitalis:
This is luxury tax no one should complain

It would affect me very much but i believe in taxing

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