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FG Replaces Stamp Duty With N50 Electronic Transfer Levy - Politics - Nairaland

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FG Replaces Stamp Duty With N50 Electronic Transfer Levy by iwaeda: 2:40pm On Jan 09
Consequent upon the outlawing of stamp duty on electronic bank transfer by the Court of Appeal, the Federal Government, through the Finance Act 2020, has introduced Electronic Money Transfer Levy.

Finance Act 2020, which was recently signed by President Muhammadu Buhari, has a commencement date of January 1, 2021 along with the 2021 Appropriation Act.

The new law stipulates payment of N50 levy on every electronic money transfer deposited in any bank or financial institution on any account on the sum of N10,000 or more.

Like Value-Added Tax (VAT), states will benefit more from the accruing revenue at a ratio of 85 per cent, while the Federal Government and Abuja will share the remaining 15 per cent.

The Act also reduces import duty on tractors from 35 to five per cent; mass transit vehicles for transport of more than 10 persons and trucks from 35 per cent to 10 per cent; and reduction of import levy on cars from 30 per cent to five per cent.

This development, according to experts, is to redirect traffic of these vehicles from other ports in West Africa to Nigeria.

Finance Act 2020 made the cost of donation made in cash or kind to any fund set up by the government in respect of any pandemic or natural disaster to be tax deductible subject to a maximum of 10 per cent of assessable profit after other allowable donations.

Overall, the act introduced over 80 amendments to 14 different laws.

Overall, the new law removed some tax burden on individual and small businesses while redefining others.

For instance, workers earning N30,000 minimum wage or less have been exempted from personal income tax, while commercial airline tickets will no longer attract VAT.

The Act states provides that: “Compensation for loss of office up to N10m exempted from capital gains tax. Tax due on excess above N10m is to be deducted by the payer and remitted within the time specified under the PAYE Regulations.

“Minimum tax for companies in respect of returns for years of assessments due between 1st Jan, 2020 and 31st Dec, 2021 has been reduced from 0.5% to 0.25% of gross turnover less franked investment income.”

https://www.google.com/amp/s/tribuneonlineng.com/fg-replaces-stamp-duty-with-n50-electronic-transfer-levy/amp/

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by BusinessCity: 2:43pm On Jan 09
85% for states nice one. But where would the funds be channeled into?

I would have advocated a 100 - 500 billion per annum infrastructure wallet where the funds would be deposited and the funds are used to execute infrastructural development directly into states rather than deposit the funds directly to the states account where it can be mismanaged or misused or channeled into less effective uses.

58 Likes 9 Shares

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Xzellentgraphic: 2:46pm On Jan 09
Dey sha wan ...chop our money finish

9 Likes 6 Shares

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Racoon(m): 2:54pm On Jan 09
So what becomes of the judgement of the FHC Asaba? Must this government always look for a way to milk Nigerians?

45 Likes 3 Shares

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by NwaNimo1(m): 2:54pm On Jan 09
A nother

P ilfering

C oncept

106 Likes 14 Shares

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by zealousayo(m): 2:55pm On Jan 09
All right.
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by iwaeda: 3:11pm On Jan 09
lalasticlala

1 Like

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by longetivity(m): 3:17pm On Jan 09
if I catch bubu I swear I go do am strong thing

52 Likes 8 Shares

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Okoroawusa: 3:24pm On Jan 09
BusinessCity:
85% for states nice one. But where would the funds be channeled into?

I would have advocated a 100 - 500 billion per annum infrastructure wallet where the funds would be deposited and the funds are used to execute infrastructural development directly into states rather than deposit the funds directly to the states account where it can be mismanaged or misused or channeled into less effective uses.
FG is already working on an Infrastructure Fund. The national assembly has to repeal some archaic laws first.

11 Likes 2 Shares

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by funmike83(f): 3:27pm On Jan 09
Ahhh

1 Like

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Zico5(m): 3:30pm On Jan 09
Nigerians should brace up for hard times. The cabal in Aso rock mean business and they won't spare anyone in this game being played. If u think 2021 will be more convenient than 2020, you better have a rethink. Double ur hustle o, it's going to be a long ride.

30 Likes 5 Shares

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by RealLordZeus(m): 3:30pm On Jan 09
In simpler terms..

We only have change of name but the tax remains
The Act also reduces import duty on tractors from 35 to five per cent; mass transit vehicles for transport of more than 10 persons and trucks from 35 per cent to 10 per cent; and reduction of import levy on cars from 30 per cent to five per cent.

This development, according to experts, is to redirect traffic of these vehicles from other ports in West Africa to Nigeria.

This Is good news

8 Likes

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by slawormiir: 3:30pm On Jan 09
Damnnn niggarrrr
Isoright

1 Like 1 Share

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by motherlode: 3:30pm On Jan 09
Arrant nonsense... angry Stamp duty or transfer levy... The brunt effect is still the same.


The Act also reduces import duty on tractors from 35 to five per cent; mass transit vehicles for transport of more than 10 persons and trucks from 35 per cent to 10 per cent; and reduction of import levy on cars from 30 per cent to five per cent.

This development, according to experts, is to redirect traffic of these vehicles from other ports in West Africa to Nigeria.

Can they just start with the implementation because I am growing weary of hearing one thing or the other and not seeing action...

If the govt announces an increase in anything whatsoever, govt agencies are very quick to put it into implementation but whenever it has to do with reduction, implementation is very slow.

11 Likes 2 Shares

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by ecolime(m): 3:30pm On Jan 09
They simply renamed it. This government is a "crook".

17 Likes 2 Shares

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by gungab(m): 3:31pm On Jan 09
Noted
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Driedfish: 3:31pm On Jan 09
Meow meow.


Not impressed....


Na to leave all my funds for bitcoin sure pass

2 Likes 1 Share

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by b3llo(m): 3:31pm On Jan 09
They will do everything to loot the common man

9 Likes 1 Share

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by danduchi(m): 3:31pm On Jan 09
Worst worst worst government ever... Any Nigerian in support of these government is inhumane and you will never rest in peace. The hardship and insecurity is too much.... This is pure evil. You increased power bill thrice, closed borders before now, farmers can't go back to harvest because of insecurity and you keep adding tax on untaxable things. This is so bad.. If only wishes come tru, I will beg to be God for a second and terminate some wicked souls

28 Likes 5 Shares

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Smeagol89: 3:31pm On Jan 09
Another way of Milking the nations

11 Likes 2 Shares

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Ihatemumu: 3:31pm On Jan 09
APC supporters will never show up here lol
Another sign they are paid and their support isn't genuine

13 Likes 2 Shares

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by saintol(m): 3:32pm On Jan 09
Laslas, we know where the accumulated money will go

3 Likes 2 Shares

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Sunnycliff(m): 3:32pm On Jan 09
FG be ripping us back to back with no accountability and transparency.

My happiness is that APC supporters are exempted from this electronic charges. Buhari is a good man, he knows how to make things easier for his supporters.

16 Likes 1 Share

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by GIANTPLUSHUB: 3:32pm On Jan 09
Same item, different packaging! grin
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by iamJ(m): 3:32pm On Jan 09
With all these online wallets

Una dey miss out, there is money there too
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Marcofranz(m): 3:32pm On Jan 09
undecided
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by ademidedavid(m): 3:32pm On Jan 09
I know access bank will not like this!!!!

1 Like 1 Share

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