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Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty (22245 Views)

Men Who Stole POS Machines, Withdrew ₦4M To Play Bets Arrested In Niger State / N50 Stamp Duties POS Charge Begins / 50 Naira Stamp Duty For Transactions Above 1000 Naira (2) (3) (4)

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Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by Nukilia: 9:56pm On Nov 25, 2019
Bluffly:

Oga, the countries you are atlking about are seeing what they are paying for, but Nigerians are not. The countries you are talking about did not wait to tax citizens before putting up infrastructures as they sought out a way and ey then maintain the standard with tax which can further develop other aspects but herein government go for loan, they will embezzled it and keeping increasing tax left and right and yet embezzled it. So is it the fault if the citizens or those in political leadership capacity.

No dey mind that guy, na ogogoro dey worry am

4 Likes

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by Nobody: 9:59pm On Nov 25, 2019
EgunMogaji2:
I’ll never pay that N50 because I consider it highway robbery. I pay cash or do bank transfer.

Every bank transfer comes with a n50 charge.
From every third 3rd party cash withdrawal, they will charge you n65. And most banks limit max withdrawal per transaction to 15k or less.

Either way, you are releasing that money

1 Like

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by Fuckthamods: 9:59pm On Nov 25, 2019
EgunMogaji2:
I’ll never pay that N50 because I consider it highway robbery. I pay cash or do bank transfer.
But bank transfer will charge you N52.50
Your best bet is cash
Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by nextstep(m): 10:04pm On Nov 25, 2019
linearity:
There is nothing like POS fees when you want to buy merchandise in the US. Though some merchants will add a fee if the cost of goods/services you are buying is below a particular threshold set by them and you can skip the fees by paying with cash or up your purchase to at least the minimum, which in most cases is like $10.

You're mostly right, but I wanted to add a small point to the bolded. In most of the world, the burden for using cards is borne by the merchant who is charged about 2% of the transaction plus a flat fee. Of course this is passed unto the customer in one way or another but better believe customer is paying even if they don't see the charge up front.

Echoing what you said, some merchants might even give a small discount for paying cash; alternatively, some charge extra if you pay with card.

We're paying for the convenience of not carrying cash (that is bulky, can be stolen or lost); the merchant pays for the convenience of reducing cash on hand, accounting and remitting, employee theft, etc. If you go to withdraw that money from ATM (after 3 or so withdrawals at some other bank, it will cost). Bank transfers also cost.

Is N50 worth the convenience? Only time will tell, but it's most likely that people will eventually just accept to pay this fee.

2 Likes

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by frank417: 10:07pm On Nov 25, 2019
Daviddson:
Very good! Nigerians envy the likes of US, UK, Germany, etc, but they're not ready to do half of what those countries citizens did or are doing that make their country so prosperous - a big irony! What's ₦50 that educated youths have been complaining about for months now? Do you think if French people don't pay taxes, VAT, etc, they'll be where they are today? In most developed countries, almost everything you buy or sell is taxed, so why the fuss here over a mere N50?

Aren't you ashamed of this nonsense you've written? Comparing a fantastically corrupt country with countries that have better leaders. After these taxes have been collected can you beat your chest with confidence that the monies will be used to develop this country? We all know this money won't be used 100% for what it was collected for. Some group of persons will still have a huge chunk of it las las. Stop talking like you were born yesterday!

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Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by EgunMogaji2: 10:34pm On Nov 25, 2019
Fuckthamods:

But bank transfer will charge you N52.50
Your best bet is cash

No. I’m a Rubies customer and transfer is N21 only.

I also prefer not to carry cash unless absolutely necessary.
Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by EgunMogaji2: 10:38pm On Nov 25, 2019
ornicus:


Every bank transfer comes with a n50 charge.
From every third 3rd party cash withdrawal, they will charge you n65. And most banks limit max withdrawal per transaction to 15k or less.

Either way, you are releasing that money

For you, yes.

For me, no.

I fund my Rubies account via card from any traditional bank for free. From there I use Rubies to pay. N21 transfers, if I need cash then I get it from my traditional bank.

I’ll never pay the POS fee unless I’m pressed.
Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by mcdokwe(m): 10:39pm On Nov 25, 2019
Funny thing is, even though the policy stated that the government charges you 50 for every transaction that is in excess of 1000, merchants are charging you for even 100 naira transactions.
Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by alphaNomega: 10:48pm On Nov 25, 2019
ForeThinker:
What happened to the cashless policy's ?

Your spelling is wrong. It is cash less policy i.e. Nigerians are supposed to have less money
Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by Femeto: 10:48pm On Nov 25, 2019
This Emefiele is the biggest crook ever. You introduced cashless policy now you are charging 50 naira for every POS transaction. My card would be thrown into the Lagoon in some days.
Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by alphaNomega: 10:49pm On Nov 25, 2019
frank417:


Aren't you ashamed of this nonsense you've written? Comparing a fantastically corrupt country with countries that have better leaders. After these taxes have been collected can you beat your chest with confidence that the monies will be used to develop this country? We all know this money won't be used 100% for what it was collected for. Some group of persons will still have a huge chunk of it las las. Stop talking like you were born yesterday!

The poster was actually born yesterday. He is enjoying his new android phone.

1 Like

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by Fuckthamods: 10:49pm On Nov 25, 2019
EgunMogaji2:


No. I’m a Rubies customer and transfer is N21 only.

I also prefer not to carry cash unless absolutely necessary.
Hmm.. That's how barter did their own and las las they increased it from 20naira to 50naira
Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by EgunMogaji2: 10:52pm On Nov 25, 2019
Fuckthamods:

Hmm.. That's how barter did their own and las las they increased it from 20naira to 50naira

Then I’ll adjust my scheme, until then I say no to POS fees.

Nigerians don’t understand the art of voting with their money.
Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by sayisayi(m): 10:53pm On Nov 25, 2019
[quote author=Daviddson post=84362768]Very good! Nigerians envy the likes of US, UK, Germany, blah,blah,blah..

Zombie o, zombie (Zombie o, zombie)
Zombie o, zombie (Zombie o, zombie)
Zombie no go go, unless you tell am to go (Zombie)
Zombie no go stop, unless you tell am to stop (Zombie)
Zombie no go turn, unless you tell am to turn (Zombie)
Zombie no go think, unless you tell am to think (Zombie)

2 Likes

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by Ykc2(m): 10:57pm On Nov 25, 2019
[quote author=Daviddson post=84362768]Very good! Nigerians envy the likes of US, UK, Germany, etc, but they're not ready to do half of what those countries citizens did or are doing that make their country so prosperous - a big irony! What's ₦50 that educated youths have been complaining about for months now? Do you think if French people don't pay taxes, VAT, etc, they'll be where they are today? In most developed countries, almost everything you buy or sell is taxed, so why the fuss here over a mere N50? [/quote)defender of corrupt government of buhari ,if you as a person enjoy what people in western world are enjoying you 've mouth to type this rubbish , Nigeria is a hell on earth already and government is adding more to the fire ,anyway you must be a northerner because every poor notherner believes that Allah don't want him to be rich so they accept any condition ,that's why there are almajiri schools there to keep them blind
Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by lastempero: 11:07pm On Nov 25, 2019
It seems our current policy makers are using their anus in taking critical decisions.
Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by donbrowser(m): 11:16pm On Nov 25, 2019
Daviddson:
Very good! Nigerians envy the likes of US, UK, Germany, etc, but they're not ready to do half of what those countries citizens did or are doing that make their country so prosperous - a big irony! What's ₦50 that educated youths have been complaining about for months now? Do you think if French people don't pay taxes, VAT, etc, they'll be where they are today? In most developed countries, almost everything you buy or sell is taxed, so why the fuss here over a mere N50?
May God punish you for what you just said. Once again God punish you.

3 Likes

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by donbrowser(m): 11:20pm On Nov 25, 2019
badboy92:


The problem is not paying tax, it is what our leaders have done with the tax they have received.
Are you minding the idiot up there? What does he even know about taxation? This cannot happen in Venezuela, the headline will be full by now. This is a stupid policy to discourage cashless policy and put the people in hardship. If this CBN governor is not called to order he will bring back all the rubbish that was scrapped by SLS

4 Likes

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by shalumzy: 11:45pm On Nov 25, 2019
It's interesting because the CBN Governor in a recent interview on Channels TV correspondent program Hard Copy debunked this claim stating emphatically that the CBN did not direct merchants to pass the N50 service charge to customers. Which way Nigeria? Who is fooling who?

https://www.lumieconcepts.com/2019/11/my-thoughts-on-n50-stamp-duty-charge-on.html

1 Like

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by airbrush: 11:54pm On Nov 25, 2019
Korllami007:
Cbn puts charges on cash deposit.
Zombie: Government want to encourage cashless policy.

Few months later Cbn puts 50 naira charges on every transaction on POS.
Zombie: You citizens want to enjoy infrastructures and don't want pay tax.

Confused idiots. Awon werey. grin


Nigerians the poorest people on the planet


Nigerians the heaviest tax people on the planet

Nigeria na curse

APC na disease

2 Likes

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by Just2endowed2(m): 12:05am On Nov 26, 2019
Systrom:
Godwin Emefiele is a bastard

That man way of thinking is to enrich the commercial bank. He doesn't carers about the masses. As a former bank manager of first bank, he only care about bank profitability and surviving. The day he leave office, that's when cbn will be great.

3 Likes 1 Share

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by shalumzy: 12:22am On Nov 26, 2019
Just2endowed2:


That man way of thinking is to enrich the commercial bank. He doesn't carers about the masses. As a former bank manager of first bank, he only care about bank profitability and surviving. The day he leave office, that's when cbn will be great.

Erm the man was the former MD of Zenith Bank and not First Bank Sir

2 Likes

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by Nobody: 12:38am On Nov 26, 2019
DisGuy:
Tight merchants...so none of them could absorb the N50 on behalf of their customer

Smh the big ones could have easily put in place policies for minimum transactions....all transactions above 10,000 then the n50 should be on us
The POS is the property of the banks. The banks performed the adjustment.

We are probably being levied for the vehicles of the National Assembly..

1 Like

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by Bamexconsult(m): 1:31am On Nov 26, 2019
dominique:
They want to cripple this POS business sha
they av crippled d business already. access bank did not follow d policy when it was initiated from September 29th but early of Dis month de debited every agents @ #50 on previous transactions started from dat September. an agent was debited wit #200,000 bcus of d large volume of his transactions. I was debited wit 40k.

1 Like

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by Bamexconsult(m): 1:39am On Nov 26, 2019
Daviddson:
Very good! Nigerians envy the likes of US, UK, Germany, etc, but they're not ready to do half of what those countries citizens did or are doing that make their country so prosperous - a big irony! What's ₦50 that educated youths have been complaining about for months now? Do you think if French people don't pay taxes, VAT, etc, they'll be where they are today? In most developed countries, almost everything you buy or sell is taxed, so why the fuss here over a mere N50?
u re a disgrace to humanity it's a very big shame to share desame country with someone like u. most of POS agents re unemployed youth, dat engages themselves in order to survive. but dis useless man w av as CBN governor just crippled deir business with useless policy. And u re here supporting mediocrity.

2 Likes

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by Nobody: 2:09am On Nov 26, 2019
EgunMogaji2:


For you, yes.

For me, no.

I fund my Rubies account via card from any traditional bank for free. From there I use Rubies to pay. N21 transfers, if I need cash then I get it from my traditional bank.

I’ll never pay the POS fee unless I’m pressed.

Rubies account. Us lesser mortals do not understand, but we will find out

https://nairametrics.com/2019/06/18/rubies-bank-the-future-is-here/

so is rubies sort of like paypal in nigeria?

1 Like

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by sharone21(f): 3:03am On Nov 26, 2019
APC is a tax regime with one of its helmsman, Tinubu as a tax master. Even countries abroad where they tax, they provide services/amenities and even the rich try to avoid taxes as much as possible but here, u almost provide all your amenities yourself and you still pay tax....we go dey help Bubu fund all his medical trips and private visits abroad and help pay all Senators car and furniture allowances....this government has been over taxing from day 1 as monthly, about N50 is stylishly deducted by banks....if Nigerians no suffer enough via APC they won't know they have been enjoying since.... Make nobody say I be PDP member ooo because, I'm not.

1 Like

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by samdede(m): 3:12am On Nov 26, 2019
I was shocked when I noticed this change. How can CBN put in place a cashless policy and at the same time encourage a cash based society by this new trend? What a country. Any how we go survive.
Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by bentwood85(m): 3:51am On Nov 26, 2019
Daviddson:
Very good! Nigerians envy the likes of US, UK, Germany, etc, but they're not ready to do half of what those countries citizens did or are doing that make their country so prosperous - a big irony! What's ₦50 that educated youths have been complaining about for months now? Do you think if French people don't pay taxes, VAT, etc, they'll be where they are today? In most developed countries, almost everything you buy or sell is taxed, so why the fuss here over a mere N50?
Cos the money will be looted and no infrastructure would be provided.

1 Like

Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by buchilino(m): 4:34am On Nov 26, 2019
Dandsome:
You see this thing called sense ehnnn?? We go get am by force.

You know the worst part??

Whether you voted APC or PDP or AAC or SDP or ETC, that N50 configured on the POS machine must affect you. The machine doesn't segregate or differentiate between party faithfuls.



Las Las everyone go de alright

I NOW USE ONLY CASH
Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by stormborn28(m): 4:42am On Nov 26, 2019
MOSICATED5:
What positive thing will this current CBN Governor be remembered for?
zombie government
Re: Merchants Upgrade POS Machines To Automatically Charge N50 Stamp Duty by mbhs139(m): 4:46am On Nov 26, 2019
DisGuy:
Tight merchants...so none of them could absorb the N50 on behalf of their customer

Smh the big ones could have easily put in place policies for minimum transactions....all transactions above 10,000 then the n50 should be on us

The only sensible post ever!

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