Some ease may come the way of Nigerians, especially the low income earners who have been groaning over various bank charges deducted from their accounts each time they carry out electronic financial transactions. The charges include those on SMS sent to them by their banks after transactions, stamp duty and many others.

A new bill sent to the senate will ensure that effective from next year the N50 charged on POS transactions above N1,000 will cease. It will now be charged on transactions above N10,000

The minister of finance budget and national planning, Mrs. Zainab Ahmed, during a panel session at the PwC Executive Session on Finance Bill and Tax Strategy, confirmed that a new Finance Bill will become effective on January 2, 2020.

The new bill aims to repeal a provision of the Stamp Duty Act 2014, which had a threshold for receipts chargeable with stamp duty as N4 and above.

As expected, the introduction of N50 stamp duty on individual transactions above N1000 has led to a reduction in the number of electronic payments processed by agents of banking service providers on a daily basis.

Many filling stations have introduced the same N50 stamp duty charges on payment above N1,000 on PoS terminals and web platforms.

The finance bill is a plan by the Federal Government to revamp tax administration in the country by introducing various tax increment and expected to become law before the new year.


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