MaziOmenuko:


Smh! You didn't even try to hide your myopic and shallow ignorance.

Pathetic!

obasiken:

APC agents of change. Plate of rice is working.

Tokt:
Arrant Nonsense. We are looking for immediate ways to depend less on crude oil money and run the economy u are here talking rubbish.
If u aren't happy, go to court and Sue the govt.
Besides, what the govt simply did is an implementation of an existing law that was never enforced. It's not a new law.

chukstel:


No one is complaining of bank charges. what we are saying is the N50 charge for stamp duty is not OK. this is different from the normal bank charges that you incurs during transactions.

where does the bank charge money goes to in the us? is it the bank purse or the government purse.

please let's not always use the wrong comparisons just because we want to defend someone/something.

thanks

erico2k2:

if you read the wordings of teh CBN you will notice the date and the citation, try and go back to read it.It is also contained i n the original publication of the mandate given by the CBN today.Our youths should learn how to get informed so they do not come across as naive when they put their arguments across.

tempest01:


My point there is that the base amount is too low, naive or not...my argument was speculative.


I've not had chance to see the cbn publication.

Taxes should be more for the high class...If minimum wage is this low, then start taxing from minimum wage or around that range at least so we know you are sensitive.

I still stand on cutting cost of governance at this critical period.

otitokoroleti:
sir, Nigeria is not worth sacrificing our 50naira because it wont av any positive effect on Nigeria. there are ways to save funds;
* Lets FG reduce presidential fleet to 1
* Let each Senator receives 100k as monthly salary & Rep get 70k monthly without any other allowances

easrael:
Early this morning, I read a directive by the Central Bank of Nigeria to all Banks in the country where it ordered all banks in Nigeria to start charging N50 on all transactions that are above N1,000 from ALL Nigerians.

Now, as many of us may now know this until the banks start charging it and they give you tons of excuses for it.
Here are three facts why THIS charge is a FRAUD in totality!

1. This charge is to be under a particular stamp duty which is illegal in banking transactions! At least, I know stamp duties are charged under postal orders and not on some bank transactions.

2. The account number the money is to be remitted into (CBN NIPOST Stamp Duty Collection Account No 3000047517) is not the popular TSA account number which was created as the ONLY Government transaction’s correspondence! What this means is that the Federal Government is as corrupt as anything you can imagine, using this scheme to deprive the middle class off their hard earned money!

3. This scheme of generating funds was not listed as one of the means to be used to generate funds this year in the 2016 budget! I have read the 1800 page document page to page in details that I can almost tell where a particular item is placed. You all can take the pain to read it too. This government never listed this means as a non-oil revenue making means.

What this scheme is scheduled to do is to suffer the middle class and the lower class in Nigeria to feed some greedy, corrupt and selfish upper class. Why hasn’t the FG set up a tax on luxury items which the upper class in our strata is entitled to?

There are so many questions begging for answers that, some of which many among us will avoid answering them. I’ll leave you with this: Do not ever think you’ll benefit from the N5,000 to be given to the unemployed people because it is strictly a Northern affair! That is where we have the poorest of the poor!


Salem

Israel Oladipupo Ogunseye tweets via @LadiSpeaks

NavierStokes:
As someone aptly put it: this govt gave us 50kobo on pms and are taking 50naira from our bank transactions.
"Change"

tempest01:


My point there is that the base amount is too low, naive or not...my argument was speculative.


I've not had chance to see the cbn publication.

Taxes should be more for the high class...If minimum wage is this low, then start taxing from minimum wage or around that range at least so we know you are sensitive.

I still stand on cutting cost of governance at this critical period.

erico2k2:

if you check it says STAMP DUTY,I think most people are misinformed here about its meaniing

erico2k2:

I will refer you back again to the CBN doc b4 you put 4ward ur nxt argument.*This is STAMP DUTY* not tax,there is no % if there was then it would directly effect the ordinary man.this has nothing to do with PMB or GEJ,its all of the CBN

SeanDada1:


I can feel fashola's presence in the useless affairs of this country. Taxing everything from money, electricity, roads, water,

gcof:
am sure alot of Nigerians will not have a problem wuth cutting cost of governance if everybody will partake in it for instance the government has been complaining of empty treasury yet they mapped out millions of naira for purchase of vehicles for Senators. Even the outcry of many concerning their allowances yet nithing is done about it and the senators still take millions home every month. My point is this, everybody has to sacrifice something if cost must be cut

devonpaul:

lol, can we reduce ur brothers and sisters working in oil companies salary to 50k too so DT it can balance. let everybody be earning 100k. equality. Nigerians only want to experience CHAnGE, none of us really wants to change. if all d Rules and bye laws enacted in dz country are enforced. Many of u will know what d developed country residents are going thru. ask a UK resident

Utchman1:


Please FG is not your father. The earlier you understand that the better for you. You are complaining about 5% VAT where as you will pay 20% VAT in the UK.

It is your responsibility to pay tax to the government.

Tokt:
[s][/s]

Rubbish. Who is ur own dilector?
Again, if u are aggrived, go to court and lament there.
What the govt is doing is implementing existing laws and not creating new ones.

tempest01:


Oga...Stamp duty, tax, whatever we call it, it is a means of revenue drive for fg.

It shouldn't be. Given the state of our economy. All nigerians shouldn't be paying from our meagre income.

What happens to someone that sells a widget for 1500 with a 100naira gain and depends on bank payments and internet transfers? taking out 50naira for each transaction to buy luxury cars, feed fat, pay hardship allowance and wardrobe allowance does not make sense.


Increasing corporate tax or taxing luxury/imported items will increase the drive to find cheaper alternatives, which will encourage investors to locally produce widgets looks like a better way to increase revenue under present circumstances.

Again, FG should review the base amount as 1000naira is not an optimum amount for the current situation in nigeria if they go ahead with this plan.

2n2k:
[b]@ OP, your post reek of ignorance and deceit.

You claimed that stamp duty is illegal in banking transactions. Have you read stamp duties act at all? Study the picture of the cheques below in case you don't operate current account and tell us what does 'stamp duty paid' written in circle round the coat of arm on the cheques mean.
What just happened since around early 90s was that banks stopped collecting/remitting stamp duty in contravention of the laws with impunity.

You should get a copy of any version of Stamp duties Act as amended or re-enacted since 1900 to date to read and purge yourself of ignorance.

On your deceitful claim of having read the whole budget document without seeing revenue from stamp duties in it. Really? Currently in Nigeria, there are very few registrable legal commercial documents that do not require assessment and collection of stamp duties by the Commissioner of Stamp Duties - be it, share capital registration, bonds and debentures, deeds of assignment, power of attorney, deeds of mortgage, power of administration etc. so where are the revenue from these captured? Office of the Commissioner of Stamp Duties was created even before Nigeria was amalgamated. (See a 1908 official document picture below).

For your education, the next step to be implemented (it is in the stamp duties law already) is that all commercial receipts must bear at least N50 postage stamp. So if your buy a phone from Okey shop at ikeja along, he must affixed the stamp on the receipt and sign across it. So get ready to carry your ignorant fight to the United Nations.[/b]

NavierStokes:
As someone aptly put it: this govt gave us 50kobo on pms and are taking 50naira from our bank transactions.
"Change"

easrael:
Early this morning, I read a directive by the Central Bank of Nigeria to all Banks in the country where it ordered all banks in Nigeria to start charging N50 on all transactions that are above N1,000 from ALL Nigerians.

Now, as many of us may now know this until the banks start charging it and they give you tons of excuses for it.
Here are three facts why THIS charge is a FRAUD in totality!

1. This charge is to be under a particular stamp duty which is illegal in banking transactions! At least, I know stamp duties are charged under postal orders and not on some bank transactions.

2. The account number the money is to be remitted into (CBN NIPOST Stamp Duty Collection Account No 3000047517) is not the popular TSA account number which was created as the ONLY Government transaction’s correspondence! What this means is that the Federal Government is as corrupt as anything you can imagine, using this scheme to deprive the middle class off their hard earned money!

3. This scheme of generating funds was not listed as one of the means to be used to generate funds this year in the 2016 budget! I have read the 1800 page document page to page in details that I can almost tell where a particular item is placed. You all can take the pain to read it too. This government never listed this means as a non-oil revenue making means.

What this scheme is scheduled to do is to suffer the middle class and the lower class in Nigeria to feed some greedy, corrupt and selfish upper class. Why hasn’t the FG set up a tax on luxury items which the upper class in our strata is entitled to?

There are so many questions begging for answers that, some of which many among us will avoid answering them. I’ll leave you with this: Do not ever think you’ll benefit from the N5,000 to be given to the unemployed people because it is strictly a Northern affair! That is where we have the poorest of the poor!


Salem

Israel Oladipupo Ogunseye tweets via @LadiSpeaks

erico2k2:

I will remind you again its not tax as there is no % hence its a duty,it is taxed to the piece of paper you receive when you make a lodgement,it has nothing to do with all what you wrote up there.Talking of paying out of profits, the Nigerian trader already does that ie in the instance of POS you are charged a % which the retailer passes unto the Buyer.When you say review the base amount, to waht extent, N1M? even at that people will still complain,moreover if you only operate savings account then you got nothing to worry about,I have just a savings account in Nigeria and I wont open a current one cos I do not need it.Back in the days the only benefit of current accounts where the issuance of cheques.If you trade ask your POS and Online transaction to go straight to your savings account then you can transfer to your current account of teh bank of your choice is that so hard to do?.Look in teh world of finance there are loads of loopholes and loads of charges,one has to dig themselves out of the mud and find these loopholes.Nigerians should learn these.You said if they go ahead,its with immidiate effect.So kill your current account asap.

Yorubago:


Some people will defend anything this government does even though its arrant nonsense