Access Bank: Stamp duty charge and why Access Bank customer service make pipo call out di Nigerian commercial bank
Access Bank stamp duty charge and di bank customer service na di tori wey full di mouth of many pipo onto di Nigerian commercial bank recent charge code wey dem deduct from dia customers account.
Access Bank stamp duty charge and customer service dey make pipo tok. Latest tori be say Access Bank don make U-turn alias reverse dia decision on di stamp duty charge. Access Bank Plc on Sunday night begin refund wetin dem call di 'accumulated charges of stamp duty from February to April 2020' wey di bank deduct alias remove from customers account during di weekend. Wetin dey happun to Access bank? Access Bank for statement wey BBC Pidgin obtain, di bank admit say di deductions dem do sake of dis stamp duty mata provoke anger from dia customers. In fact, many customers of Access Bank enta social media platforms to accuse di bank of exploitation alias treat dem any how. But di bank, inside di statement on Sunday appease di customers, wen dem say dem go begin to refund alias send back di money dem charge on di same day and dem (Access Bank) go instead pay di charges to di Central Bank of Nigeria (CBN) on dia behalf. BBC Pidgin find out say many of di customers receive alerts Sunday night wey notify dem of di refund. As tins be so di bank no do anytin outside di law but na just say dia customers no like cha cha. Di bank say di decision to pay di stamp-duty charge on behalf of dia customers na part of measures to help dem sake of di effect of di challenging economic situation on dem. Access bank buy over Diamond bank for December for December 2018 and na one of di big commercial banks wey get branches all over Nigeria and dem dey licensed by di Central Bank of Nigeria. Wetin be dis stamp duty charge? Stamp-duty charge collection na wetin Nigerian law mandate banks and oda financial institution to obey according to di 'Finance Act, 2019 (Stamp Duty Act. Cap 58). By dis law wey Central Bank of Nigeria dey supervise commercial banks like Access Banks dey required to apply dis charge as applicable and remit all funds collected to the federal goment. Stamp duty deductions apply to all credit wey pipo receive into current and savings accounts as e concern electronic transfer and teller deposits of N10, 000 and above. Di money is remitted to the Central Bank of Nigeria. Di collection of di fee take effect for February but Access bank unlike oda commercial banks for di delay to implement dia own until weekend. Access Bank say e send email to customers on June 23 wey tok say " dem go dey required to process di accumulated charges" incurred between February 1, 2020 and April 30, 2020. Stamp duty charge - President Muhammadu Buhari on Monday 13 January sign di 2019 finance bill into law. Wetin you need to know about di Finance Law Banks go request for Tax Identification Number (TIN) before pesin fit open accounts. Pipo wey get accounts must provide dia TIN to fit operate dia accounts. With dis new law, di plan na to raise di income or revenue wey goment dey make, as well as add jara to infrastructure and di capital markets. Di finance law go change di tax law and make am respond to di new tax law dem. Oda tins wey dey inside na Petroleum Profit Tax Act, Company Income Tax Act, Personal Income Tax Act, Stamp Duties Tax Act, and Capital Gains Act. Small businesses wey dia turnover less dan N25m go dey FULLY exempted from di Companies Income Tax (CIT) & entities with less dan N25m in turnover go also dey exempted from VAT registration. Di law go allow use of EMAILS to communicate with tax institutions like - FIRS & State Revenue Agencies. Stamp duty on bank transfers go only apply to N10,000 and above. Dis wan no go apply to transfers between accounts of di same pesin for di same bank. E also include Electronic bank transfers. Pipo wey no dey live for Nigeria wey dey give technical and management service for di kontri dem go dey tax dem Witholding Tax of 10%. Money wey dem dey make from petroleum go attract 10% withholding tax. Dis one go affect those wey get investments for oil and gas.