manga5:

Mention one developed country that taxed its people on deposits? It is not done anywhere. If Government want to tax, fine. But tax should be done the right way and there should be accountabily.

This is not a tax! It is service charges. Banks incur expenses to count the money customers bring! The cost is now being transferred to the customers! This charges will be retained by the banks and not given to government!

mrvitalis:

Im not ....if we must grow people must learn to pay tax

its robbing paul to pay satan.

who benefits from such policy. abujacrats.

manga5:

Mention one developed country that taxed its people on deposits? It is not done anywhere. If Government want to tax, fine. But tax should be done the right way and there should be accountabily.

Its day light robbery
People should boycott bank and see who is going to lose

mfm04622:


Services charges is only charged if you transact between two different banks. VAT is charged on service charges. Most of the time the service charge is 50 Naira! So VAT will be charged on that 50. Which is 2.5 Naira presently

you are wrong. I operate Firstbank. They charge N20 and VAT for Firstbank to Firstbank transactions and N52 and VAT to other banks.

mrvitalis:

Im not ....if we must grow people must learn to pay tax

For politicians to divert and stuff them in tanks,sucker pits and lavish them on exotic lifestyles and various concubines.

Femich18:
Tax on deposit? Wow!
This is really Pathetic.



Aim at encouraging cashless transactions? This Govt is not getting their policy right. same Government planning to impose extra VAT on online purchases. You discourage them in one and encourage it another policy. Who does that?
That is confusion to me

Online or offline, if you buy items that are not exempted from VAT, you are supposed to pay VAT! The fact was VAT was not being demanded from online vendors. That was a loophole the government is now trying to close.
In fact, VAT is designed in such way that the poor do not pay VAT! The poor presently pay VAT on two things. Telecom services and power supply! All other basic things if life are exempted! And even the power supply is presently being subsidized! Have any tax official harassed any market woman on VAT? Or to register for VAT? We complain a lot about government not investing in infrastructure while we don't want to provide the necessary funds govt need to invest in infrastructure!

Let me go to the closest carpenter I know for a "piggy bank"

Where are all these Draconian laws coming from?

1st........FIRS to begin charging VAT on online purchases done via bank accounts.
2nd.......FG increases VAT from 5% to 7.2%.
3rd........then this.

Is it by force to use internet banking?

Don't they know some people aren't just comfortable or aren't learned enough with the use of internet & USSD based transfers?

CBN is still yet to enforce DMBs to treat failed money transfers, ATM dispense errors & POS debit errors with utmost priority giving a maximum of 3days to sorts all these dubious errors.
Now they now want to force this down our throats as if the withdrawal charge own is not enough.

Nawa.

There was once a COUNTRY.

oz4real83:
you are wrong. I operate Firstbank. They charge N20 and VAT for Firstbank to Firstbank transactions and N52 and VAT to other banks.

The 20 is if you use code. If you use the First mobile app, First Bank to First Bank transactions are free! The SMS code cost because the telecom charge for it!
Even if they charge 20, it is cheaper than you taking transport to the bank for transactions, waiting in line! VAT on 20 is still insignificant!

puskin:
Where are all these Draconian laws coming from?

1st........FIRS to begin charging VAT on online purchases done via bank accounts.
2nd.......FG increases VAT from 5% to 7.2%.
3rd........then this.

Is it by force to use internet banking?

Don't they know some people aren't just comfortable or aren't learned enough with the use of internet & USSD based transfers?

CBN is still yet to enforce DMBs to treat failed money transfers, ATM dispense errors & POS debit errors with utmost priority giving a maximum of 3days to sorts all these dubious errors.
Now they now want to force this down our throats as if the withdrawal charge own is not enough.

Nawa.

There was once a COUNTRY.

You have a business you usually transact more than 500k at a time, you will know how to use those services! Or employ those who know

Esseite:
This has been on since in major states, it's just going nationwide now.

Not even now, in March 2020!

God help us

Is this our own vision 2020 when we where younger we though we would have good road and constant power supply by year 2020

Flier:
what do you sell? Because I am sure 97% of market women don’t make 2-3% on any product they sale
This government is just insensitive and stupid
Sometimes those market women make as little as #10 on #2500 naira carton of good and this is why they always run down if their husband isn’t supporting them financially

There is no charge on transactions worth 500k and below! So how does this concern the poor market women!

When some afonjas were shouting said baba, what did they expect from a government run by stack illiterates

Femich18:
Tax on deposit? Wow!
This is really Pathetic.



Aim at encouraging cashless transactions? This Govt is not getting their policy right. same Government planning to impose extra VAT on online purchases. You discourage them in one and encourage it another policy. Who does that?
That is confusion to me

Is not confusion,mis pure robbery

Next level things here we come. govt no provide us water, no road, no electricity, no social amenities, no medical, no securities, no food we are virtually provide all these by ourselves directly or indirectly so somebody have to wonder what are we really benefiting from this govt? and all of us are suffering and smiling, NIGERIAN WE ARE HERE AND WE DIE HERE TOGETHER, anybody that can't take it should relocate to SOMALIA, AFGHANISTAN or IRAQ or IRAN because all these countries will be like London in our in our eyes by the time BuHary finished with us ����

mfm04622:


There is no charge on transactions worth 500k and below! So how does this concern the poor market women!

It does,some of them deposit more than 500k every day but the profit on that #500.000 might not be more than #2000 naira and yes it’s as bad as that
The government need to do something about profit being made by retailers,it’s just too bad
The producers are ripping them off

Akorede02:
Baba God let there be no Nigeria again next life. We will soon be paying for breathing. Useless government
.

Stop displaying ignorance... This has always been there for over 7 yrs.... It's only for cash withdrawal and deposit... It's to encourage a cashless society

mrvitalis:

Im not ....if we must grow people must learn to pay tax

Abeg, some of u are really funny in this country. What is being done to ensure that our tax is used for development instead of paying politicians, senators, governors, and looting?

We are not doing anything in that regards but we want more tax? It doesnt work that way. The money Nigeria has that politicians are looting and using to pay them selves is way enough to tackle majority of our needs.

You guys did not get it, the tax is on cash deposit, the aim is to discourage moving around with cash.

Flier:
It does,some of them deposit more than 500k every day but the profit on that #500.000 might not be more than #2000 naira and yes it’s as bad as that
The government need to do something about profit being made by retailers,it’s just too bad
The producers are ripping them off

What sort of business will u mk 2k out of 500k deposit... Pls stop saying what u don't know...

mrvitalis:

Im not ....if we must grow people must learn to pay tax

taxing us with no visible things to show for it, it means we still have a long way to go My brother

samirus:

taxing us with no visible things to show for it, it means we still have a long way to go My brother

The average nigerian as at today pay less than 600 tax per month what do u expect from that ?

Beverlyjean:



What sort of business will u mk 2k out of 500k deposit... Pls stop saying what u don't know...

Ask people who are distributor or retailers selling cartons of biscuits,PZ products and majority of market women
And I am even sure they are on this forum,they should come out to tell me how much they are making
Majority of the cartons has nothing more than #30 naira profit
Some as little as #10 naira on 800 naira carton of biscuit or soap

Akorede02:
Baba God let there be no Nigeria again next life. We will soon be paying for breathing. Useless government
.

That's how the so called America come to be developed, what remains for one to pay in the US, is the air you breath

mployer:


It's not luxury tax.

It's policy implementation tax, aimed at encouraging cashless transactions.

People really need to stop moving bundles of cash around.

We need to go cashless yet it takes Nigerian banks 4wks to reverse a failed POS transaction!

Princedapace:


Abeg, some of u are really funny in this country. What is being done to ensure that our tax is used for development instead of paying politicians, senators, governors, and looting?

We are not doing anything in that regards but we want more tax? It doesnt work that way. The money Nigeria has that politicians are looting and using to pay them selves is way enough to tackle majority of our needs.

Do u know why nigerians give politicans free hand because in the real sense we dont pay tax

As at today the average nigerian pays less that 600 a month as tax ..and u expect heave and earth from that

Id it development before tax or tax before development

Oh my goodness... With the comments that I hv read here...it's certain that most people on NL are semi illitrates... Policy that started in 2012 in Lagos and Abuja... Just that it's now going nationwide... It's either they are lots of teenagers here or that alot don't have bank accounts , or have never had more than 100k in their lives

This banking policy will open door for some smart mind,in the long run more banks will collapse,because depositors will move their fund from passive account to active account in active banks

stanech:
Nigerians To Start Paying For Bank Deposits In 2020
The charges will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.

Starting from September 18, 2019, Nigerians operating bank accounts will begin to pay charges for deposits and withdrawals.

Making the announcement on Tuesday, the Central Bank of Nigeria said that the nationwide implementation of the cashless policy will begin by March 2020.

The apex bank said that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

According to the circular, the charges will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts.

For corporate accounts, the apex bank in the circular said that DMBs would charge five per cent processing fee for withdrawals and three per cent for lodgments of amounts above N3m.

The statement, however, disclosed that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.

http://saharareporters.com/2019/09/17/nigerians-start-paying-bank-deposits-2020

It amounts to double taxation

mrvitalis:

Im not ....if we must grow people must learn to pay tax

are we not paying tax already? must the government suck us out before we grow? how has the government improved our welfare since the all round inflation? from fuel subsidy to electricty, water, food, transport, tax, exchange rate(forex) etc now vat and this one. do we really deserve this from this government? common 30k minimum wage they can't implement, no job. what is the crime of the masses?