₦airaland Forum

CBN think dey have sense, I will just deposit N499.995k in the bank and keep 5naira in my pocket

Ravern:
CBN think dey have sense, I will just deposit N499.995k in the bank and keep 5naira in my pocket

The Rich don't pay tax right from the time the world began, they always find a way to shift it to the common man

Everything is happening the same time, squeezing the commoners to their early financial death though wicked policies.
Government closed border immediately Buhari finished his Salah celebration. The VAT was increased from 5% to 7.2 few days down line.
Thereafter customers deposits and withdrawal becomes their target. Who knows what next.

If you deposit 500,000 there is no tax or duty.

If you deposit 510,000, the duty is on only the 10,000.

Why are you wasting your time and energy?

Mynd44:
If you deposit 500,000 there is no tax or duty.

If you deposit 510,000, the duty is on only the 10,000.

Why are you wasting your time and energy?

What about 500k at intervals?

Shibaraba:
What about 500k at intervals?

I doubt there is any law against that.

But why do you have that much cash on you though? I understand that some businesses have high daily inflow but you can insist customers do e-transfer or deposit money and bring you teller.

Heck, you can always take money to the bank when you get to a certain threshold rather than hold cash in your bulk

Mynd44:
I doubt there is any law against that.

But why do you have that much cash on you though? I understand that some businesses have high daily inflow but you can insist customers do e-transfer or deposit money and bring you teller.

Heck, you can always take money to the bank when you get to a certain threshold rather than hold cash in your bulk

how about filling stations that have heavy inflow of raw cash?
How do they now do the math?

Then If I deposit 900K, the duty of 3% is on the 400K which is approximately 12k.

12k is approximately 83 liter of gas enough to fuel a car for week.

In short, I am creating more bank account and one central bank account for clearing most
of my transaction. It is time to act like the wolf of the wall street.

Mynd44:
If you deposit 500,000 there is no tax or duty.

If you deposit 510,000, the duty is on only the 10,000.

Why are you wasting your time and energy?

Shibaraba:
What about 500k at intervals?

Are you in any of those 4/5 locations that they have started the deduction? Lagos, ogun, Abuja and 2 others?

seankafor:
how about filling stations that have heavy inflow of raw cash?
How do they now do the math?

Take money to your bank when you get to certain thresholds.

It is not like falling stations even buy the feel they sell in cash sef.

You can even deposit into the bank on weekends.

Ravern:
Then If I deposit 900K, the duty of 3% is on the 400K which is approximately 12k.

12k is approximately 83 liter of gas enough to fuel a car for week.

In short, I am creating more bank account and one central bank account for clearing most
of my transaction. It is time to act like the wolf of the wall street.

Untik they place you on a lien for suspicion of money laundering?