The Nigerian government has reviewed its policy on stamp duty charges, levied on electronic payments.

According to Punch, the new proposed finance bill disclosed that the N50 stamp duty charge would now be levied on electronic payments above N10,000 as against payment above N1,000. The finance bill is a plan by the Federal Government to revamp tax administration in the country by introducing various tax increment

However, the new bill exempts bank transfers between two accounts owned by the same person or organization from stamp duty charges. The bill repeals a provision of the Stamp Duty Act 2014 which holds the threshold for receipts chargeable with stamp duty as N4 and above.


PoS agents, operators kick against N50 charge, seek policy reversal, Bank’s agent loses N160,000 to alleged fraudster , Merchants upgrade POS machines to automatically charge N50 tax duty

How did we get here? As reported on Nairametrics, the Central Bank of Nigeria (CBN), through a circular released on the 17th of September, which majorly affected Point of Sale transactions, authorized banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions.

The directive, which took effect immediately, was widely rejected by industry stakeholders and Nigerians at large, with concerns that the policy would stern the cashless economy and financial inclusion agenda of the government.

This move by the Federal Government was expected, as Nairametrics had earlier published according to a source in the government, who pleaded anonymity.

What this means: Since the tax is here to stay, the new N10,000 limit would have some of the following consequences.

The increased limit would improve POS usage and prevent a total boycott of POS by small businesses/retailers.
The new limit might assist the government put a balance in its quest to make the economy cashless and improve tax revenue.
This might also reduce the number of customers requesting to pay in cash, shifting the tax burden to large and heavy shoppers.

Source: https://nairametrics.com/2019/11/28/fg-reviews-n50-stamp-duty-charge-to-transactions-above-n10000/

This is a welcome development

ussv:
This is a welcome development

Yes it is but the problem now is that it will take another six months before greedy Nigerian Merchants obey it .

Nice

These Clueless bunch are just milking us dry. Introducing a tax regime which won't do any good to ordinary citizens but ending in the pockets of the Lifeless one in - charge and his 44 co-thieves, who do us this thing?

The way the duty affected POS numbers negatively in just one month ,it was just a matter of time before the govt beat a tactical retreat

Good news. Local man wish all families and friends a Happy Thanksgiving holiday. Lots of love ❤❤

When real Clueless morons are in power, the people become poorer by the day.

TooMuchStuff:
When real Clueless morons are in power, the people become poorer by the day.

You can say that again sir

Still fair

That Emefiele man knows nothing about managing economy...nothing. And now we are heading to another Recession

Trial and error

The policy has caused lot of queues in banks because people prefer to withdraw and pay with cash Instead of POS

Government wey no sabi,becos most businesses don dey return their pos..

I wonder how dis can encourage cashless

Damnnnnn

See niggarz above me complaining
Nobody wants to pay anything in this country
We all want the government to keep working to better our lives without we contributing anything

We all want Nigeria to become London and Rome
Education in Nigeria is the cheapest because government keep on subsidizing it
Nobody wants to pay tax. Nobody wants to do anything for the government

They keep on subsidizing every part of our fuckkking life and still we keep on wailing

I am not surprises to see what is happening here in government of our time. Even Joseph in the Bible bought all the citizens, including lands and property to the king.we where bought by the cabal.

Its not really cool with me too, if you're encouraging cashless policy and you still charge us #50 for transaction then, no sense dia naw

Honestly, this is still better. We need to understand that we are to pay tax for a better Nigeria but the problem is that we are not seeing what the taxes are being done with. This is still better once again. Government should do their own parts too by being honest with the tax by providing infrastructural and technological developments and other various amenities for the citizens.

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Cashless policy

Confusion breaky bone oo yeparipa.

Confused set of people. All their policies are geared towards removing the little money in the hands of the citizens. That's the only way they feel they can generate money.

Meanwhile, low taxes are a veritable way of improving an economy.

Buncha rettardedd confused selfish morons.

hisexcellency34:
The policy has caused lot of queues in banks because people prefer to withdraw and pay with cash Instead of POS

The shallow govt didn't see that coming even though experts warned

confused motherfukkas, back and front. imagine a state trying to encourage cashless society and discouraging same by useless stamp duty

Same govt wants cashless policy and later to come up with a joke like this, to me it simply means they dont know what right to doing. they just dey fill their diff post for porpularity .i so submit

SarkinYarki:


Yes it is but the problem now is that it will take another six months before greedy Nigerian Merchants obey it .

exactly!

Better

Confused Government

One man or a cabal or the whole senate sef can't be greater than Nigerians or the whole country. When people abandoned using pos them brain reset. That is how we can cause positive changes in our country by working together

thank GOD OOO.
all my customers don almost runaway because of this stupid stamp duty.

Confused CBN headed by Godwin Emefiele

hisexcellency34:
That Emefiele man knows nothing about managing economy...nothing. And now we are heading to another Recession

I agree with the first part, but not with the second part of your comment.

Better.

Kendumazy:
Honestly, this is still better. We need to understand that we are to pay tax for a better Nigeria but the problem is that we are not seeing what the taxes are being done with. This is still better once again. Government should do their own parts too by being honest with the tax by providing infrastructural and technological developments and other various amenities for the citizens.

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