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POS Stamp Duty: FG Reviews 50 Naira To Transactions Above 10 Thousand Naira

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The Nigerian government has reviewed its policy on stamp duty charges, levied on electronic payments.

According to Punch, the new proposed finance bill disclosed that 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 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 N4 and above.

PoS agents, operators kick against N50 charge, seek policy reversal, Bank’s agent loses N160,000 to alleged fraudster , Merchants upgrade POS machines to automatically charge N50 tax duty

How did we get here? As reported on Nairametrics, 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, which took effect immediately, was widely rejected by industry stakeholders and Nigerians at large, with concerns that the policy would stern the cashless economy and financial inclusion agenda of the government.

This move by the Federal Government was expected, as Nairametrics had earlier published according to a source in the government, who pleaded anonymity.

What this means: Since the tax is here to stay, the new N10,000 limit would have some of the following consequences.

The increased limit would improve POS usage and prevent a total boycott of POS by small businesses/retailers.
The new limit might assist the government put a balance in its quest to make the economy cashless and improve tax revenue.
This might also reduce the number of customers requesting to pay in cash, shifting the tax burden to large and heavy shoppers.

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JUST IN: Edo state Assembly impeaches Deputy Governor Shaibu

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The Edo State House of Assembly, on Monday, impeached the state’s Deputy governor, Comrade Philip Shaibu.

The impeachment followed the adoption of the report of the seven-man investigative panel set up by the Assembly to probe allegations of misconduct against Shaibu.

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JUST IN: Olubadan of Ibadanland, Oba Lekan Balogun joins ancestors at 81

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The Olubadan of Ibadanland, Oba Lekan Balogun has joined his ancestors after a brief illness.

He joined his ancestors at the age of 81.

It was gathered that the late monarch was taken to the hospital Wednesday morning having stayed indoor throughout Tuesday on account of slight malaria fever, though, he was hail and hearty on Monday during which he personally received few guests that paid him congratulatory visits on his second year anniversary on that day.

Making this announcement was the Baba-Kekere Olubadan and his younger brother, Dr Kola Balogun in a statement by the Personal Assistant (Media) to the late monarch, Oladele Ogunsola.

According to the statement, Dr. Balogun disclosed that Oba Balogun would be buried at his Aliiwo ancestral home by 4.00pm on Friday according to Islamic rites just as he said that the State Governor Seyi Makinde, though already verbally informed, would be formally notified early in the morning.

The late Olubadan was the first most educated to have emerged as Ibadan monarch, a British trained P.hd holder, a former university lecturer, former member of management staff of Shell British Petroleum, former gubernatorial candidate of the defunct Nigeria People’s Party, NPP, former Senator and a successful business man.

His last official outing was the Olubadan Advisory Council’s meeting which he presided over last Saturday where the decision to derobed Mogaji Akinsola, Olawale Oladoja was taken.

He however, on Tuesday instructed the Ekerin Olubadan, Oba Hamidu Ajibade to midwife a small committee to deliberate on last Friday’s decision on what should be the position of Ibadan Zone in the proposed newly reconstituted Oyo State Council of Obas and Chiefs.

The decision of the small committee was earlier on Thursday ratified by the Olubadan Advisory Council at a meeting presided over by Otun Olubadan and the former governor of Oyo State, High Chief Rashidi Ladoja and was to be taken to the late Oba Balogun for his signature Friday morning so as to meet the deadline for submission to the state Commissioner for Local Government and Chieftaincy Matters later in the day.

The late Olubadan is survived by wives, children and grandchildren.

Announcing the passage of the monarch, Governor Makinde, in a statement, stated that Olubadan, who joined his ancestors late Thursday evening at the University College Hospital, UCH, Ibadan, described him as an epitome of royal excellence and a great achiever, who made great marks on Ibadanland in just a little over two years of his reign.

He expressed his condolences to the Olubadan-in-Council, the Oyo State Traditional Council and the people of Ibadanland and Oyo State, praying to God to grant repose to the soul of the deceased monarch.

Makinde said: “With total submission to the will of God, I announce the passing unto glory of our father, His Imperial Majesty, Oba Dr. Mohood Lekan Balogun, Alli Okunmade II, the 42nd Olubadan of Ibadanland.

“A mighty Iroko has fallen; Oba Dr. Balogun has joined the ancestors.

“In Kabiyesi, Ibadanland had a cosmopolitan and well-experienced Olubadan, who made indelible marks on the sands of history and achieved greatly within a short while.

“On behalf of the Government and good People of Oyo State, I condole with the immediate family of the Oba Dr. Balogun, the Olubadan-in-Council, the Oyo State Traditional Council and the people of Ibadanland.

“It is my prayer that God grants repose to the soul of our late monarch.”

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JUST IN: Labour Party National Chairman, Abure arrested for attempted murder in Edo (Video)

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Operatives of the Edo State Police Command have arrested the National Chairman of the Labour Party (LP), Julius Abure.

Abure was arrested on Wednesday in Benin City, the Edo State capital, on allegations of premeditated attempted murder, amongst other alleged infractions.

The Labour Party chairman’s arrest followed a petition by the LP Youth Leader, Comrade Eragbe Anselm Aphimia.

The petition, addressed to the Commissioner of Police, Edo State Command, dated February 13, partly reads, “I, Comrade Eragbe Anselm, write to you with utmost urgency and grave concern regarding a heinous act of violence perpetrated against me on the 29th of December 2023.

“I am a member and National Youth Leader of the Labour Party (LP) in Nigeria, and the events I am about to recount are of utmost importance for justice and the safety of individuals involved in political activities.

“On December 28, 2023, I flew into Benin City Airport around 2 p.m. as part of an official 5-member delegation authorised by the Acting National Chairman of the Labour Party, Alhaji Lamidi Basiru Apapa.

“Our mission was to organise Ward, LGA, and State Congresses in Edo State, as well as supervise the sale of nomination forms for various posts, as mandated by INEC guidelines, within the stipulated time frames.

“On arrival at the Benin Airport, I was received by one Mrs Mary Okheime Newberry, who falsely claimed to be providing transportation and accommodation on behalf of unnamed “stakeholders.”

“She proceeded to lodge us at the Smart Homes Hotel, unknown to us that she was plotting a sinister and gruesome ambush. The next morning, a man named Austin Emeka came to pick me and my colleague, Mr Patrick Anethua, up from the hotel lobby, pretending to take us to a meeting venue.

“Instead, we were violently attacked just outside the hotel gates by a waiting mob.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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