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N50 Stamp Duties POS Charge Begins - Business (3) - Nairaland

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How Much Does POS Charge For Withdrawal In Your Area? / CBN: N50 POS Charge To Be Paid By Businesses Not Customers / Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty (2) (3) (4)

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Re: N50 Stamp Duties POS Charge Begins by KrystosCJ(m): 12:20pm On Oct 29, 2019
The directive asks banks to "charge applicable taxes and duties on individual transactions" and not for fuel station attendants or their managers to ask members of the public to pay the extra N50. However, knowing that what goes up in monetary terms in Nigeria is unlikely to come down, we are told that we can pay in cash as an alternative to carrying the burden of paying via PoS.

The CBN's policies will eventually bite them back. It is unfortunate that government spending is taking centre stage in all of this instead of social and human capital development.

1 Like

Re: N50 Stamp Duties POS Charge Begins by Jimoh7555: 12:22pm On Oct 29, 2019
At least we have been given options, it will be charged on transactions from 1k and above, then if you must pay with POS, spread your payments to N900 or pay with cash
Re: N50 Stamp Duties POS Charge Begins by smeak123: 12:27pm On Oct 29, 2019
That this the next level we bargained.
Re: N50 Stamp Duties POS Charge Begins by DBlackCeazer(m): 12:34pm On Oct 29, 2019
Doesn't end at that, you are also charged 5 to 10 Naira for alerts per transaction.
Abeg, they should leave us with our cash society.

1 Like

Re: N50 Stamp Duties POS Charge Begins by Ijaya123: 12:49pm On Oct 29, 2019
chrisifeanyi:
If you voted this government, may God punish you.

Blame your CBN Governor, Godwin Emefiele
Re: N50 Stamp Duties POS Charge Begins by delawal: 12:52pm On Oct 29, 2019
BabaO2:
How does this encourage cashless policy? Emefiele is a dumb Osinbajo is a dumb Buhari is a dumb This is provoking
na today u come dey realise am?
Re: N50 Stamp Duties POS Charge Begins by delawal: 12:53pm On Oct 29, 2019
policy somersault. what u see in govt of d idealess
Re: N50 Stamp Duties POS Charge Begins by Bragalane: 12:55pm On Oct 29, 2019
This tax is not from Buhari but the foolish n bastard Emefiele CBN governor.
cenaman:
Buhari amaka! pay ur tax make NIGERIA better.
Re: N50 Stamp Duties POS Charge Begins by Funkybabee(f): 12:57pm On Oct 29, 2019
Labour union, the most useless set of body in Nigeria
Re: N50 Stamp Duties POS Charge Begins by bizzibodi(m): 1:01pm On Oct 29, 2019
Useless stamp duties why not #1 or #5.... I went to buy #1000 fuel d fuel attendant said she will deduct #50 frm my acct,I said she shld give me #950 fuel instead,she said she will still deduct #50 I told her that will never happen frm now on I will pay all transactions in cash.
Re: N50 Stamp Duties POS Charge Begins by galadima77(m): 1:07pm On Oct 29, 2019
Freemanbobble:
Nigerians always complaining

All they wish for is a free ride

Nobody wants to pay anything but they wish Nigeria becomes Rome

Everybody is claiming to hate corruption whereas they don't actually hate it they are only angry because they are not the one carrying out the corruption

If they really hate corruption then an uprising or a cataclysmic revolution should have befallen Nigeria

Bunch of hypocrites

Your mates are saying they don't have problem with tax payment, their issue is with what is being done with those monies.
Re: N50 Stamp Duties POS Charge Begins by Revolva(m): 1:14pm On Oct 29, 2019
d way dem de comot sms charges from my acc de pain me ehnn

now na to de japa from places where pos r used like clubs...super market

i better withdraw n carry cash
Re: N50 Stamp Duties POS Charge Begins by tinapaj(m): 1:22pm On Oct 29, 2019
we don’t really pay taxi in Nigeria, Nigeria is among the countries where its citizen pays the least tax. Don’t like Buhari, but must confess this a positive one from him

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Re: N50 Stamp Duties POS Charge Begins by bilag17(m): 1:27pm On Oct 29, 2019
Federal Government is yet to explain to Nigerians, how the initial #50 stamp duty paid on bank transactions for years running into billions of Naira (daily accruals) is being spent.
All roads nationwide are in deplorable situation, not motorable, and turning to death traps.

The introduction of #50 stamp duty on #1000 pos transactions is multiple taxation in evidence everywhere in the country. Indirectly, it's a form of devaluation of the Nigerian currency, thereby weakening the purchasing power of the populace, and encouraging cash transactions in cashless economy.
The time will come, when Nigerians will tell the Federal Government "NO", to such exploitation policy.

Which way Nigeria?

2 Likes

Re: N50 Stamp Duties POS Charge Begins by connkg(m): 1:55pm On Oct 29, 2019
I don't mind the charges, as long as there is equity. By that, I mean that the customer can also be credited.
This credit should be immediate when:
1. An ATM does not dispense when same-bank debit-card is used. (N65 should be credited to the cardholder)
2. Repeat SMS should be free. Notice of reversal SMS should also be free (Paid for by the Bank to the Telco)
3. POS not working due to network should be a credit for the cashless user. Paid for by the Telco and the banks.
There are so many avenues to make sure that the customer is not continuously being ripped off.
Re: N50 Stamp Duties POS Charge Begins by heckymaicon(m): 4:59pm On Oct 29, 2019
tinapaj:
we don’t really pay taxi in Nigeria, Nigeria is among the countries where its citizen pays the least tax. Don’t like Buhari, but must confess this a positive one from him



you're not making sense bro.
Re: N50 Stamp Duties POS Charge Begins by Legendguru: 5:02pm On Oct 29, 2019
Ye
Re: N50 Stamp Duties POS Charge Begins by baratech: 5:33pm On Oct 29, 2019
We keep paying tax, but we're not seeing what the money is used for....
Re: N50 Stamp Duties POS Charge Begins by javaguru: 9:32pm On Oct 29, 2019
Freemanbobble:
Nigerians always complaining

All they wish for is a free ride

Nobody wants to pay anything but they wish Nigeria becomes Rome

Everybody is claiming to hate corruption whereas they don't actually hate it they are only angry because they are not the one carrying out the corruption

If they really hate corruption then an uprising or a cataclysmic revolution should have befallen Nigeria

Bunch of hypocrites
like ur using an older version of your brain. What is N50 if people have jobs, people are so dump now that they dont knw when things are going wrong. Nigeria dont even citizen tax to be better than rome. Thing are bad, tell mr president that I wish his death by next year.
Re: N50 Stamp Duties POS Charge Begins by luluosas(m): 9:34pm On Oct 29, 2019
What about transactions carried out on Agent Mobile Money locations?
Re: N50 Stamp Duties POS Charge Begins by banio: 9:54pm On Oct 29, 2019
Life in Nigeria.

I think I will be using cash for every transaction.

But very soon, government will make another law in which any transaction above #5K must be via POS or transfer or BUHAr pathway. We can't Dodge the tax. Tinubu the tax collector is waiting for you wherever U go or turn.

Local man tire
Re: N50 Stamp Duties POS Charge Begins by Manrichie: 11:20am On Oct 30, 2019
This will frustrate the cashless policy as merchant already started shifting the cost to customers
Re: N50 Stamp Duties POS Charge Begins by mindtricks: 2:00am On Nov 01, 2019
Elipsis:
So, if i go to a supermarket to buy goods worth N1,000, i'll pay N50 for Stamp Duty, pay N4 for SMS Alert and still pay N52 for inter-bank transactions.

If i go to 5 supermarkets in a day, ill still pay all these things again!

Minimum wage has not been implemented. VAT has increased to 7.5%, Cost of rice and other food crops has skyrocketed. Toll gates will soon be introduced across federal roads. NEPA/PHCN has increased their tariff. Even to get National ID in your own country, you'll pay N5,000.

Borders are still closed, other ECOWAS countries are now planning on waging economic sabotage on Nigeria.

No good roads, no water, no light, no security, no jobs.

By the time Buhari is done with us, Somalia will be better than Nigeria.

We pray God forbid.
Re: N50 Stamp Duties POS Charge Begins by mindtricks: 2:06am On Nov 01, 2019
tinapaj:
we don’t really pay taxi in Nigeria, Nigeria is among the countries where its citizen pays the least tax. Don’t like Buhari, but must confess this a positive one from him
If you know how much the impoverished masses sacrifice for the great comfort and luxuries the criminals in government enjoy at the peoples expense (like hardly any other country in the world), you will know it is blasphemy to say the people are already not being overtaxed.
Re: N50 Stamp Duties POS Charge Begins by Elipsis: 8:35am On Nov 01, 2019
mindtricks:


We pray God forbid.
Amen bro
Re: N50 Stamp Duties POS Charge Begins by linkseun: 10:41am On Jan 01, 2020
"The NIBSS data showed the total volumes of PoS transactions for 2017 stood at 146.3 million which was worth N1.4 trillion; 285.9 million transactions in 2018 worth N2.3 trillion and 187.7 million for six months- January to June 2019 worth N1.4 trillion."

Based on the data above, the government could have made about 14 billion naira on the 285 million transactions in 2018. They seem to loss sight of the fact that people are more likely to avoid using PoS or restrict the use to transactions worth less than 1000 naira or make multiple PoS payments less than 1000naira. It will be a tall order if there will up to 100 million transactions eligible for the 50 naira stamp duty by the end of the year 2020. Eventually they will probably realize a paltry 10 billion naira while regressing the gains made from cashless policy and financial inclusion, increase the exposure to risk of carrying cash and make doing business more difficult.

When the world is moving forward, our own decision-makers appear to prefer to think backwards.

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