Despite the repeated clarification and caution from the
FCCPC in a recent circular released on POS transactions' charges clarified that instruction by the CBN is to be borne by businesses. As such, passing it on consumers is counterproductive, burdensome and inconsistent with the underlying cashless policy of the
Also explaining the new CBN financial guide,
'No single individual should pay N50 in addition to the cost of the good,' Jimoh said, adding that 'Stamp duty is not to be paid by individuals that are consuming the goods and services of the merchant. The merchants who are receiving the money are the ones who are supposed to pay.'
However, when our correspondents went out to confirm complaints, it was observed that most petrol stations, airlines and malls in
Mobil filling station along Ahmadu Bello way inward Gwarinpa and
Similarly, Total Alapere 2 service station, MRS filling station on Ahmadu Bello,
When confronted, pump attendants and stations managers claim that the CBN or the FCCPC has not communicated them via a circular to discontinue the charge.
Some of them also said they have been directed to stop the charge on customers from
Many users of Opay have raised concerns that they operator has continued to charge N50 on transaction above N1,000 instead of N10,000 as directed by the circular.
A customer,
Another customer Mr
According to the new proposed finance bill, the N50 stamp duty charge would now be levied on electronic payments above N10,000 as against payment above N1,000.
The finance bill is a plan by the Federal Government to revamp tax administration in the country by introducing various tax increments.
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 N4 and above.
Stakeholders have argued that the increased limit would improve POS usage and prevent a total boycott of POS by small businesses/retailers.
They also noted that the new limit might assist the government put a balance in its quest to make the economy cashless and improve tax revenue.
© Pakistan Press International, source