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FG has reviewed the ₦50 stamp duty charge to Transactions above ₦10,000

BellaNaija.com

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The Federal Government has disclosed that the ₦50 stamp duty charge will now be levied on electronic payments above ₦10,000, as against payment above ₦1,000.

According to Punch, the finance bill is a plan by the Federal Government to revamp tax administration in the country by introducing various tax increment.

However, the new bill exempts bank transfers between two accounts owned by the same person, or organization from stamp duty charges. The bill repeals a provision of the Stamp Duty Act 2014, which holds the threshold for receipts chargeable with stamp duty as ₦4 and above.

The Central Bank of Nigeria (CBN), through a circular released on the 17th of September, which majorly affected Point of Sale transactions, authorized banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions.

The directive was condemned by mobile money agents, retailers, merchants and bank customers who said it would discourage the cashless transaction and financial inclusion agenda of the Federal Government.

3 Comments

  1. by_stander

    November 28, 2019 at 3:54 pm

    “The directive was condemned by mobile money agents, retailers, merchants and bank customers who said it would discourage the cashless transaction and financial inclusion agenda of the Federal Government.”

    Well if the Financial Inclusion Agenda is to build a grand Rent-Seeking pyramid scheme, how can you argue you were not included???

  2. Ab

    November 28, 2019 at 8:24 pm

    These people are all sickos. Stamp duty charge, Acct maintenance fees,transfer fees plus the latest,POS transaction fees. Abeg let’s just do back to carrying cash. We ain’t ready for cashless processes yet.

  3. GANNY OGUNSHAKIN

    November 28, 2019 at 10:40 pm

    Nigeria is forking broke. Now we know

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