Nigeria: Revenue Drive – FG Imposes N50 Charge on Bank Transactions

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Nigeria: Revenue Drive - FG Imposes N50 Charge on Bank Transactions

It is no longer news that the Buhari led federal government is searching really hard for ways to raise revenue. It had planned to get a massive loan from the IMF, an attempt which proved unsuccessful. The federal government has now decided to raise some revenue by taxing Nigerians for their regular bank transactions.

The CBN has now directed commercial banks to commence the charge of N50 for stamp duties on every valid electronic transfers and teller deposits of N1000 and above. The CBN said “As part of efforts to boost its revenue base, the federal government of Nigeria is exploring revenue opportunities in the non-oil sectors especially taxes and rates. It is in recognition of this fact that banks and other financial institutions are enjoined to support government’s revenue drive through compliance with the provisions of the Stamp Duties Act, LFN 2004 as reinforced by the court judgement in Suit No FHC/L/CS/1710/2013. In this regard, the CBN pursuant to the provisions of its enabling laws, hereby issues this circular to all DMBs other financial institutions:

“With immediate effect, all DMBs and other financial institutions shall commence the charging of N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act and Federal Government Financial Regulations 2009, that is, all receipts given by any bank or other financial institution in acknowledgment of services rendered in respect of electronic transfer and teller deposits from N1, 000 and above;

“For all avoidance of doubt the following receipts are however exempted from imposition of stamp duties: payments of deposits or transfer by self to self whether inter or intra bank; and any form of withdrawals/transfers from saving accounts;
It should be noted that these charges are only payable by receiving accounts;

“Each DMB shall open an account designated as NIPOST Stamp Duties Account into which all charges collected shall be paid. The balances in such accounts shall be transferred monthly by the DMBs to CBN NIPOST Stamp Duty Collection Account No. 3000047517;

“Other financial institutions shall remit their Stamp Duty collections to any DMB of their choice.”

 

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134 Comments on "Nigeria: Revenue Drive – FG Imposes N50 Charge on Bank Transactions"

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Mbagwu Anselem
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The highest mistake we made when we hard change, change change,we did not ask in which direction? To me what is happening now is also change but in the other direction ” the worse “. Only God can change this situation. “Na one chance motor we enter so”

Innocent Odili
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Mayor Oigbochie Eramezele
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Fayose predictions re correct

Mayor Oigbochie Eramezele
Guest

Fayose predictions re correct

Chikezie Osuala
Guest

nunsense country zoooooooooo

Chikezie Osuala
Guest

nunsense country zoooooooooo

Kamil Gazal
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We’ll eagerly pay it because we’re more than sure that this government means well for us. WHAT ELSE?

Camillus Ajagu
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Noni Henry
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This is uncalled for, please somebody should tell the buhari led government that the best is not to punish the poor Nigerians, fuel price increased kereosine price increased, power bills increased, job lost yet the government is adding more tax on the masses even when nothing to show for the once paid for in the last thirty years. Please this government should employ creative technocrats, i mean thinker who can come up with ways to address all these issues. Why can’t they reduce the cost of governance instead of punishing the poor Nigerians. I hv known buhari as a crusader… Read more »
Precious Ivan Shalom
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My own opinion here is that we all need this change and suffering called APC so that we all will be wise next time not to vote illiterate and fools as our leader. If Nigeria Economy like it should be destroy, that is not my business. But soon I promise that we will all be force to stone them out of that seat .

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