Savings Accounts Not Exempted from Stamp Duty Charges, Says FG
The federal government has clarified that deposits into savings accounts that is up to N10,000 are not exempted from the payment of N50 stamp duty under the Finance Act of 2020.
“The Finance Act makes no distinction between savings and current accounts. So, if people are now planning to become owners of savings account, let them know that it won’t work,” Akabueze said. “I think that is the way to go for now. But for every service that was consumed from February 1, 2020, will be charged the new VAT rate of 7.5 per cent,” he said.
“We have a very competent team that is working on that and in a very short while you will get the public notice. “The truth is that a business imposes demand on government budget whether it is running at a loss or not because it uses public infrastructure provided and maintained by public revenue. That is why we need to push back the insinuation against the imposition of minimum tax obligations on companies. Otherwise we will not make a head way in improving government services,” he said.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Amend electoral act to accommodate full biometrics for accreditation, CSO charges NASS – Daily TrustCenter for Liberty (CFL), a civil society organisation has advocated for the conduct of “general elections in one day,” assuring that it would significantly curb the incidents of rigging, violence and drastically reduce costs. CFL is also asking the National Assembly to immediately amend the Electoral Act to accommodate “full biometrics for accreditation and Electronic …
Read more »
We don't want bloodbath - Ekiti Govt reads riot act to communities - Daily Post NigeriaThe Ekiti State Government has called on communities to cooperate with it to attract investment that will boost economic activities and create more jobs.
Read more »
SERAP Gives FG Seven-Day Ultimatum To Disclose Details Of Recovered Abacha LootSERAP Gives FG Seven-Day Ultimatum To Disclose Details Of Recovered Abacha Loot.
Read more »
Ibadan-Kano rail line ready by 2023, says FG
Read more »
Olympics, IOC Twitter accounts hacked - Daily Post NigeriaThe Twitter account of the Olympics and the media Twitter account of the International Olympic Committee (IOC) have been hacked The accounts have been
Read more »
Akande Not on Akeredolu’s Payroll, APC Clarifies - THISDAYLIVEThe All Progressives Congress (APC) Saturday dismissed claims that its former National Chairman, Chief Bisi Akande was on the payroll of Ondo State Governor, Mr. Rotimi Akeredolu, thereby a vote of confidence him The APC disclosed that it would henceforth discipline any person or a group of persons, who disrespect party leaders, in line with …
Read more »