Tag
STAMP DUTY
The backlash NIPOST got from SME proved enough to get the attention of the FG.
Stamp duty on most rent agreements is at the rate of 0.78%, not 6% as being widely circulated.
NIPOST's attempt to increase the registration fees for courier firms has generated outrage.
Access Bank apologised to its customers and said it will bear the cost of the stamp duty.
The charges accrued between February 1st and April 30th, due to ommissions by the tier-1 bank.
Despite the increase in adoption of PoS by merchants, the value of electronic transaction done via PoS dropped by N59.26 billion between December 2019 and January 2020.
The value of transactions carried out using Point of Sale (PoS) channel in Nigeria hit N3.20 trillion in 2019.
The Minister of Communication and Digital Economy, Mallam Isa Ali Ibrahim Pantami has faulted the decision of FIRS to collect stamp duty.
The Federal Government has disclosed that the sum of N43 billion collected as stamp duty on domestic transactions is being kept with the CBN. #CBN #Ahmed #NASS
The introduction of N50 stamp duty on individual transactions above N1000 has led to a reduction in the number of electronic payments.
The new circular is basically a tax on the volume of transactions and could rake in billions in stamp duty charge for the government.
About fifteen (15) Nigerian banks will have to cough out the sum of N1.5 billion, being the total sum of under-remitted stamp duty funds owed the Federal Government.