₦airaland Forum

Yorubas wan just kill Nigerians with taxes.

OlujobaSamuel:
WHT has always been charged na
WHT isn't taken on your account balance, but on the interest accrued to your account.
Eg, if you have 100k in your account, and you have 5% as annual interest on savings, you will have about ₦500 interest given to you by the bank, the bank will then charge you WHT of 10% on the 500, which is ₦50
The major thing all of us needs to face, we never even face am, that is the mode they want to use to calculate Income Tax on individual accounts base on cash flow.
What is the minimum cashflow an account or bvn must have before the account has a taxable income

It has been significantly expanded, if not banks won't need to send out notices.

There are too many questionable things in the new tax laws, and thats not even talking about the treasonous additions

1vandragon:
It has been significantly expanded, if not banks won't need to send out notices.

There are too many questionable things in the new tax laws, and thats not even talking about the treasonous additions

What the banks have been doing is just a sort of reawakening, due to the different rumors flying about.
Unlike before that you might not get a normal alert for such deductions except through statements, they now have to notify you so you might know what they are taking from you.
In my own case, only few of my account has SMS alert activated, so I can easily trace and calculate my transactions for a particular period, so I get to know all the deductions from WHT, Vat, interest, card maintenance, etc

No be bank to customers be this👇

OlujobaSamuel:
What the banks have been doing is just a sort of reawakening, due to the different rumors flying about.
Unlike before that you might not get a normal alert for such deductions except through statements, they now have to notify you so you might know what they are taking from you.
In my own case, only few of my account has SMS alert activated, so I can easily trace and calculate my transactions for a particular period, so I get to know all the deductions from WHT, Vat, interest, card maintenance, etc

I beg to differ.

If the deductions are not new, why would the message state from 1st January, 2026, certain charges would be enforced? Why give a start date for something that is already in force?

I already know my charges and deductions, so I can categorically state that a new 10% charge, in whatever form they wish to hide it under, has been introduced.

When is the CBN going to look into excessive bank charges? Why are we charged quarterly maintenance fees for our cards? Very poor regulation.

1vandragon:
I beg to differ.

If the deductions are not new, why would the message state from 1st January, 2026, certain charges would be enforced? Why gave a start date for something that is already in force?

I already know my charges and deductions, so I can categorically state that a new 10% charge, in whatever form they wish to hide it under, has been introduced.

They make it sound as if the bank will pay the 7.5% VAT for its customer.
There will definitely be an increase in the cost of transaction next week.
Let them keep expatiating on behalf of NRS and this heartless Govt.
Na all of us go chop the koboko!!!

bende7t:
They make it sound as if the bank will pay the 7.5% VAT for its customer.
There will definitely be an increase in the cost of transaction next week.
Let them keep expatiating on behalf of NRS and this heartless Govt.
Na all of us go chop the koboko!!!

You get!

I don't understand why people cannot be honest with themselves. They are trying to justify obvious additional charges.