The Central Bank of Nigeria (CBN) has clarified the difficulty of funds of N50 fees by retailers who use Point of Sale (POS) machines for cashless transactions, insisting that no person ought to pay further on items and companies.
The CBN defined that the N50 stamp responsibility is a charge regulated by an act that directs retailers to pay all crucial taxes as regulated by authorities companies.
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Speaking on Channels Television’s Business Morning programme, the CBN Director of Payment System Management, Musa Jimoh, mentioned the apex financial institution issued a round and retailers have misinterpreted the directive.
“Stamp duty has been misinterpreted, our circular that talks about merchants paying stamp duties according to the law do not say that the stamp duty should be paid by the consumer; that is a misrepresentation of CBN directive. What our directive says is that merchants should pay all necessary tax as regulated by government agencies including stamp duty.
“What we told the merchants is that we would like the banks to ensure that the merchants comply with this directive by ensuring that every single payment that customers make to them, the merchants pay the regulated stamp duty of N50.
“What has happened is that they have actually transferred this fee blatantly and openly to the consumers; this is very wrong. No single individual should pay N50 in addition to the cost of the goods.
He stated that “Stamp duty is not to be paid by individuals that are consuming the goods and services of the merchants, the merchants who are receiving the money are the ones who are supposed to pay.”
Mr. Jimoh defined that as a result of the stamp responsibility will not be regulated by the CBN, there aren’t any plans to cease stamp duties.
“Stamp responsibility will not be a CBN regulated charge, it’s a charge regulated by an act, and so we are able to’t change or push something in that course.
To this, the stamp responsibility stays and can’t be modified by the CBN, what we’re doing is to make sure that the establishments we regulate (the banks) change into extra accountable to make sure that these charges are collected and given to the federal government.