CBN Extends Stamp Duty Collection To Savings Accounts

Banks are no longer restricting the deduction of stamp duty on deposits made into current accounts, but now apply it to deposits made into savings accounts, investigation has shown.

The Central Bank of Nigeria had through a circular issued on January 15, 2016 directed the Deposit Money Banks to deduct N50 stamp duty on each deposit made into current accounts with a value of N 1000 and above in order to boost government’ s revenue drive and in compliance with Stamp Duties Act, 2004.

The apex bank anchored its directive on a court ruling obtained by Kasmal International Services Limited in 2014 to the effect that the 22 banks operating in the country should remit more than N 6 tn to the Nigerian Postal Services through the company as the stamp duty they were supposed to have collected since the Stamp Duties Act was passed into law.

However , the CBN exempted savings accounts from the deduction of stamp duty .

The circular stated, “ With immediate effect , all DMBs and other financial institutions shall commence the charging of N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act and the Federal Government’ s Financial Regulations 2009 ; that is, all receipts given by any bank or other financial institution in acknowledgement of services rendered in respect of electronic transfers and teller deposits from N1,000 and above.

“ For the avoidance of doubt, the following receipts are , however , exempted from the imposition of stamp duties : payment deposits or transfers by self to self , whether inter or intra bank; and any form of withdrawals / transfers from savings accounts. ”

Investigation by our correspondent, however , showed that the banks had extended the deduction of the stamp duty to savings account transactions.

It was gathered that the Nigerian Postal Services , the implementation agency of the Stamp Duties Act, was against the exemption of any bank account except savings accounts held by children.

It was not clear as of press time when the collection of the duty was extended to savings accounts, but some bankers who spoke to our correspondent on condition of anonymity said the only exemption were deposits made by the owners of savings accounts.

This means that when a third party makes a deposit into a savings account with a value of at least N1, 000 , the sum of N50 is automatically deducted as stamp duty, which the bank has a responsibility to transfer to the NIPOST Stamp Duty Account domiciled with the CBN.

The Lagos Division of the Appeal Court had ruled that imposing a stamp duty on electronic transactions was illegal.

Ruling on an appeal filed by Standard Chartered Bank against Kasmal International Services Limited and 22 others, Justice Ibrahim Saulawa and four other justices of the Court of Appeal , Lagos Judicial Division , held that the Stamp Duties Act, 2004 did not impose a duty on the DMBs to deduct N 50 on bank deposits .

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Customs Seizes Jollof Rice, Ogbono And Egusi Soup Imported From India

The Tin-Can Island Command of the Nigeria Customs Service (NCS) has intercepted a 20ft container of “READY TO EAT FOODS’’ like Egusi Soup, Jollof Rice, Ogbono, Yam Porridge imported from India.

The Customs Area Controller, Comptroller Bashar Yusuf, disclosed this in a statement made available to newsmen on Monday in Lagos by the Public Relations Officer of the Command, Mr Uche Ejesieme.

Yusuf spoke with stakeholders at the SDV/SCOA Terminal while handing over the container of imported prepared foods to officials of the National Agency for Food and Drug Administration and Control (NAFDAC).

The controller described the scenario as an “aberration”, considering the fact that government granted zero duty for the importation of machinery for the packaging of agricultural products.

“Why should indigenous menu be imported into the country at a time when investors are much sought after to boost local industries,’’ the News Agency of Nigeria (NAN) quotes Yusuf as saying.

The controller said the command generated 25.7 billion in November, up from N25.3 billion recorded in October.

Yusuf said that the higher revenue was recorded in spite of the recession and low imports.

He said that the command would continue to explore all avenues for maximum revenue collection.

According to him, this is in view of the exigencies of the moment, which placed more responsibilities on the service.

Yusuf urged potential investors to take advantage of the numerous export potential in the country for their socio-economic benefits.

In a related development, while briefing a group of senior officers undergoing training in the command, the controller admonished them to make professionalism, integrity and transparency as their watchword.

He also urged the officers to ensure effective leadership and supervision in carrying out their duties.

Yusuf said the various trade facilitation tools as provided in the automation of Customs procedures would guide the officers in the discharge of their functions.

The controller told the officers to see training and re-training as a veritable tools that would sharpen their knowledge toward achieving desired results.

He appreciated the Comptroller-General of Customs, Retired Col. Hameed Ali, for effectively re-positioning the service in spite of global recession.

“NCS is still working tirelessly to remain on top of its statutory mandate,’’ the controller said.

Yusuf said that this could not have been possible if not for the pragmatic leadership of the comptroller-general and his management.

“In this era and dispensation, officers are expected to be above board with deep sense of commitment and responsibility in the discharge of their functions.

“The Change ideology of the comptroller -general must be given priority attention,’’ the controller said.

He, however, warned that anybody that fails to key into the new order would be seriously sanctioned.

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10 Categories Of People That Will Regret Their Lives If MMM Crashes

[i] The Mavrodi Mondial Moneybox, also know as MMM, is a mutual fund scheme that has been driving a lot of Nigerians crazy due to the quagmire state of the nation.

However, everyone invests in it for purpose of receiving 30% profit after 30 days without knowing that the devil sometimes gives you a shoe with the left hand and collects your leg with the right hand.

Though, many believe that it's fallacy to think that MMM will crash, but what if it does?; the following categories of people will regret their lives.

1. The Awoofians

Many will agree with me that an average Nigerian wants to reap where he/she did not sow. The awoofians are usually attending parties they are not invited and will be gulping beer and feeding like there's famine in Nigeria. Some will even go as far as selling their family houses just to invest into it and by the time things goes as unplanned, they will start their lives from square one.

2. Those who resigned their jobs

It's funny people resign their jobs just because they see this scheme as a blessing in disguise and a less strenuous way of becoming rich. These people will definitely end up in deep regret when MMM messes them up and can't later find jobs

3. Those who invest their lives savings

When taking risk, it very wisdom on the part of a person to invest what he can afford to lose but many people seem to have been exceeding their boundary these days. If they end up losing their life savings, they will have HBP and will relegate to 6 feet with immediate effect.

4. Those who marry without Jobs

Recently, men who are financially handicapped are beginning to get married with the notion that MMM will be their source of livelihood without the fear of unforeseen circumstances. As funny as it sounds, some will save up money for wedding and will invest it into MMM so that they can afford to buy adult cows, pay bride price, rent halls and canopies for their wedding.

5. Those who longer want to work

I overhead a man yesterday talking to his neighbour that, with MMM, he no longer needs a job and I began to shake my head at his ignorance. These kind of people will end up biting their finger when things turn soar.

6. Those who were Sacked from Work

Some people who were sacked from work will plunder their payment in lieu of notice into MMM so that their landlords will not send them packing. This is very risky thing to do considering the fact that you will both lose in two ways when the unexpected happens.

7. Those who sell their Properties

I have a neighbour who who recently sold his father's inheritance and plough the money into this scheme so that, at the end of the month, he would be able to buy a plot of land at Mowe and also buy himself a car. I sometimes feel sorry for him because I still don't know where he will start his life from if he loses

8. Bankers

I pity some bankers who usually invest as much as N10m out of customers' savings just to get a profit of N3m in return. We recently heard the story of a bank manager who committed suicide due to debt.

9. Those who want to celebrate Christmas elaborately

Now that Christmas is around the corner, many will invest the little they have before November 25th, so that they can cash out before December 25th and celebrate with their loved ones. When MMM crashes before that time, they will become wailers and start blaming Buhari for their misfortunes.

10. Those whose Girlfriends dumped them for being Poor

Just because a lady dumped you for being poor, you ventured into MMM just to buy a car and make her jealous. I want you to know that you may end up in deep regrets if MMM could later not fetch you money to buy a bicycle let alone an Okada

I drop my pen at this juncture

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Lagos Emerges Fifth Largest Economy In Africa

Lagos State has emerged as the fifth largest economy in Africa, consequent upon which, Governor Akinwunmi Ambode, disclosed that his administration is in the process of setting up an Economic Management Team, EMT, comprising distinguished individuals from the private sector and the public sector to manage and improve the feat.

Ambode spoke on Tuesday at the Lagos House in Ikeja when he received a delegation from the Nigerian-British Chamber of Commerce on courtesy visit, disclosing that the emergence of Lagos as Africa’s fifth largest economy was very instructive.

He promised that his government would explore synergy with private sector with the view to catapult the State into a true global city-state in the true sense of the word.

Ambode said: “Very soon we would be setting up what we would refer to as an Economic Management Team to drive the fifth largest economy, because that’s the way we need to envision ourself and this Economic Management Team will involve nominees from the Chambers and other people in the private sector so that we can collaborate because majorly this economy is driven by the private sector.

“Our duty is to create an enabling environment and fuse all that together.
“I think that synergy can just catapult Lagos into that global city-state that we want it to be.”
The governor explained that his decision to come up with the Office of Oversees Affairs and Investment, otherwise known as Lagos Global, was part of efforts at encouraging investment in Lagos both from within and outside, among many other initiatives of the present administration.

His words: “I think it is very instructive to clearly state that the economy of Lagos is in the hands of the private sector and beyond the fact that Lagos is now the fifth largest economy in Africa, the drive to take Nigeria out of recession actually resides in the private sector and willingness on the part of the public sector.

“Because our economy is in the hands of the private sector and we are willing to allow them drive it, that is why we have decided to formulate policies and decisions that will make the private sector to thrive in this State and that is why in the last 18 months, we have been running this administration on a tripod of security, job opportunities and infrastructure development.”

Explaining the tripod, Ambode said his administration believed that when the people and investors are well secured, businesses will thrive and more people would be employed, while the resources generated in terms of Internally Generated Revenue, IGR, would be deployed to provide infrastructure for the people.
The International Monetary Fund, IMF, had, in its Economic Outlook Report for October, projected Nigeria as the biggest economy in Africa ahead of South Africa and Egypt, with the Accountant-General of the Federation, Alhaji Idris Ahmed saying that the development demonstrates the resilienceof the economy.

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Nigeria To Establish A Development Bank

The Permanent Secretary at the Ministry of Finance, Mr Mohammed Dutse, says Nigeria is considering establishing a Development Bank. Mr Duste said the government is looking at boosting the economy with the bank, considering its benefits. “It will help provide funds to operators of small businesses in Nigeria at low interest rates,” he said. On how the project will be implemented, he explained that there would be a screening committee to look at those who had applied and they would concentrate on financing small and medium scale enterprises which were major components of the government’s diversification programme. “We will also ensure that the project succeeds,” he added Jobs For The Unemployed This, according to him, will provide jobs for the nation’s unemployed youths and boost other economic activities. The oil rich nation’s economy is in its worst period in decades and the Central Bank has said it is heading towards recession. To cushion the harsh effect of the economy on its citizens, the government said it would allocate 60 billion Naira ($180 million) more spending on capital projects, as part of the 2016 budget. The Minister of Finance, Mrs Kemi Adeosun, gave the figure on August 19. She said that the allocation was an addition to earlier releases, aimed at boosting the economy. Mrs Adeosun said that so far, the government had spent over 400 billion Naira on capital.

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Fire Destroys Shops And Houses At Bariga (New Garage) Lagos (Pics, Video)

Around 6am, fire broke out in some electronic shops located at New Garage, Bariga, Lagos. A facebook user uploaded the video on his page. It reportedly affected a lot of shops and even some houses. Residents in the area fought to contain the spread of the fire but goods worth millions of naira were still destroyed. Fire Service were able to control and subdue the fire when they arrived. Cause of the outbreak is yet to be ascertained and no record of any loss of life. http://www.youtube.com/watch?v=1NLYrhTsP_E

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