PoS operators in Nigeria raised fees due to a new ₦50 levy. The ₦50 levy applies to transactions of ₦10,000 or more. The charge affects both fintech platforms and bank-affiliated PoS agents. Point-of-Sale (PoS) operators across Nigeria have increased their withdrawal fees, now charging between ₦150 and ₦200 for every ₦5,000 transaction, up from ₦100 … Read more
The attorneys general in Nigeria’s 36 States has sued the Attorney General of the Federation and Minister of Justice, Abubakar Malami, for non-remittance of stamp duties fund generated from the states. This was revealed in a court document, the attorneys sued Malami for non-remittance of funds generated from stamp duties and not remitted to states, … Read more
The Nigerian Postal Service (NIPOST) has refuted claims by the the Federal Inland Revenue Service (FIRS), that it was operating an illegal Stamp duty account. The service disclosed that its stamp duty account was legal as it was opened by the Central Bank of Nigeria under the Treasury Single Account (TSA), in consultation with the … Read more
The introduction of stamp duty for house rent has ruffled feather and engendered public outcry. In its bid to calm frayed nerves and correct the misinterpretation of the new tax, the Federal Inland Revenue Service (FIRS) on Monday issued a statement making clarification on the controversial policy. The service said the stamp duty charge on … Read more
The Federal Government says it has generated as stamp duty revenue a total of N66 billion between January and June 2020. Confirming this report into the inauguration of the inter-ministerial committee on audit and recovery of back years stamp duties, the Chairman of the Federal Inland Revenue Services, Muhammad Nami, the Finance Act has mandated the … Read more
Access Bank on Sunday said it would be liable for the payment of stamp duty charge for February to April. The bank in a statement on Sunday said it’s taking the burden of the two months stamp duty charge off customers. The financial institution also said deductions made between Saturday and Sunday would be reversed … Read more
The volume of electronic payment transactions through Point of Sale (PoS) terminals dropped by 4.83 billion in one month. According to the Nigerian Interbank Settlement System (NIBSS), it dipped from 46.13 billion deals in December 2019 to 41.3 billion in January. The PoS transaction drop in cash value is N60 billion. Merchants- retail outlets in … Read more
The Central Bank of Nigeria is set to investigate merchants that have refused to comply with its directives on the Point of Sale charges. The apex bank had directed merchants to stop the deduction of additional N50 stamp duty on PoS transactions carried out by customers. Investigation revealed that some outlets have refused to comply … Read more
The Federal Inland Revenue Service (FIRS) has served a seven-day notice to tax defaulters across the country. The Head, Communications and Servicom Department, Wahab Gbadamosi, made this known in a statement in Abuja on Tuesday. Mr Gbadamosi said the Acting Executive Chairman of FIRS, Abiodun Aina, announced this in a notification letter to taxpayers on … Read more
The senate has directed its committee on finance to investigate the alleged non-remittance of over N20 trillion stamp duty into the federation account by Central Bank of Nigeria (CBN). Ekohotblog gathered that the decision to probe the non-remittance of stamp duties was reached sequel to the consideration of a motion on “The need to improve … Read more