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FG Replaces Stamp Duty With N50 Electronic Transfer Levy - Politics (2) - Nairaland

Nairaland Forum / Nairaland / General / Politics / FG Replaces Stamp Duty With N50 Electronic Transfer Levy (35893 Views)

Amid VAT Saga, States Sue FG Over Sharing Of Stamp Duty Revenue / FG Replaces Controversial RUGA With New Scheme, Begins Camps In Six States / FG Introduces Stamp Duty On House Rent Agreement, C Of O, Others (2) (3) (4)

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Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by GreatTouchPro7: 3:32pm On Jan 09, 2021
Ok
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by favor914: 3:33pm On Jan 09, 2021
Racoon:
So what becomes of the judgement of the FHC Asaba? Must this government always look for a way to milk Nigerians?
It is an Act of parliament, & you are complaining about a law you made? President Buhari only signed it into law. A judgement of any Court, including the Supreme Court cannot supersede an Act of legislation. So any judgement contrary to the provisions of this Act is null & void ab initio.

1 Like

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Triangles1(m): 3:33pm On Jan 09, 2021
Wazobia
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Nobody: 3:33pm On Jan 09, 2021
This APC hustle is becoming something else
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by ransomed: 3:35pm On Jan 09, 2021
Banks will surcharge you for using electronic transfer and collect duty for government. This amounts to double taxation.

3 Likes

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Naijaarchive(m): 3:35pm On Jan 09, 2021
Will be doing 9900 then grin
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by whitemand4(m): 3:37pm On Jan 09, 2021
ademidedavid:
I know access bank will not like this!!!!

How ?
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by jaytime(m): 3:39pm On Jan 09, 2021
Make dem kuku kill us na.
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by favor914: 3:39pm On Jan 09, 2021
Oizatobad:
AS TIME PASS_ _______WE. RESERVE YOUR OWN JAIL SEAT FOR YOU IN SHORT TIME
Don’t sweat the technique.
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by SocialJustice: 3:40pm On Jan 09, 2021
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.
Can't the people at the top mismanage the infrastructure wallet too? No matter where the money is sent, it will mostly be mismanaged. This is Nigeria.

1 Like

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by chloride6: 3:40pm On Jan 09, 2021
favor914:
It is an Act of parliament, & you are complaining about a law you made? President Buhari only signed it into law. A judgement of any Court, including the Supreme Court cannot supersede an Act of legislation. So any judgement contrary to the provisions of this Act is null & void ab initio.

Lmao..

The Supreme Court can declare a law illegal and inconsistent with the constitution.


Only the supreme Court is infallible to itself..
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Stae(f): 3:41pm On Jan 09, 2021
E nor go better for ds government.
Wicked set of people.

1 Like

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by mikefilo: 3:45pm On Jan 09, 2021
why must they remove tax from airline ticket,the rich enter plane

1 Like

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Obestchris84(m): 3:45pm On Jan 09, 2021
This gunman self, una policy tire person.
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by mastermind2020(m): 3:47pm On Jan 09, 2021
This has been on going since last year, there is always #50 deduction any time u receive 10k or more aside the monthly stamp duty your bank charge you...Nigeria na scam
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by JrTahir(m): 3:47pm On Jan 09, 2021
iwaeda:


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 Nobody: 3:47pm On Jan 09, 2021
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.

I guarantee you that the current governor will not shame his predecessor by out-performing him

1 Like 1 Share

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by raybaba97(m): 3:53pm On Jan 09, 2021
With the exemption of the ₦50 Electronic transaction tax, I can commend FG on this one.

These are the types of law that Nigeria should be passing and executing, not just shouting upandan about reducing traffic and improving agriculture.

Reduce the tax on importation of agricultural tools and mass transit vehicles... Remove taxes on fertiliser importation, provide credit facilities to would-be farmers.
Raise levies on importation of certain foods and not just close border and be making noise

Buy from local industries as long as they produce good enough quality and offer them credit to expand their facilities if they can't produce the right quantities

That's how Europe developed, high tarrifs on imports and government patronage of local industries

2 Likes

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Eagban(m): 3:53pm On Jan 09, 2021
Reducing import duty of vehicles will help the Nigerian economy and reduce smuggling.

1 Like

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by EmekaBlue(m): 3:55pm On Jan 09, 2021
If i see things like this i get more upset about my acct with gtb

That bank charges me too much even on birthday wish sms i no send dem
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by raybaba97(m): 3:57pm On Jan 09, 2021
ransomed:
Banks will surcharge you for using electronic transfer and collect duty for government. This amounts to double taxation.

It just drives people away from e-transactions despite government rhetoric. I'll rather take my payments on other platforms than be gifting FG my ₦50 for saving money.

Completely ridiculous

1 Like

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by heniford2: 3:58pm On Jan 09, 2021
Nigeria my country money no dey oh government wan cash out big time still
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by BusinessCity: 4:06pm On Jan 09, 2021
SocialJustice:
Can't the people at the top mismanage the infrastructure wallet too? No matter where the money is sent, it will mostly be mismanaged. This is Nigeria.


No. It will also be directly sent through institutional means to independent contractors and be administered by NGOs
Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Lastanza: 4:08pm On Jan 09, 2021
This is one policy or tax that I so much detest. What is the business of government with money transfer. Just how low the government can go to be taxing bank transfers. You transfer money to someone and the government taxes you for that(not even the banks or service providers). It's so pathetic and annoying.

This is one thing that the people would have opposed vehemently but I'm surprised at how no body cares.

3 Likes

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by BabaO2: 4:11pm On Jan 09, 2021
This government and their economic advisers are just too daft for my liking.
What they have done only confirmed that stamp duty is not a necessary charges to be made, but just an extortion. Same way they initially imposed ₦50 charges on POS usage, later changed it to above ₦10000 payment transactions before they eventually cancelled it after about 3 months. Where is the money errorneously collected for over 3 months?

1 Like

Re: FG Replaces Stamp Duty With N50 Electronic Transfer Levy by Enyimbamercedes: 4:14pm On Jan 09, 2021
Thieving government

You earn your monthly wages- they take PAYE

They pay the salary into your account- they take 50 naira

Then you go to the store to buy food items - VAT

You go on holidays and buy a few personal items or order online from outside the country from the already taxed salary- customs duty and VAT on things you buy

Where is all the tax going?

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