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" FG returns toll gate on federal roads "

FG approves VAT increase

FG approves 5% charges on online transactions by 2020

Endless taxes in an economy that is suffocating small businesses to death Inside next level

I am talking about 1billion Naira every 15days!!!

Current Government continues to blame the past government for corruption that crippled our economy. So they promised to take us to the .
It sounded and looked good not until they implemented what can be termed as .
This is a type of corruption that involves stealing from the masses in a LEGITIMATE manner. i.e has the backing of the law

I am talking about 1billion Naira every 15days!!!

But how can a government achieve this without riling up the people and prompting wild protests?
By not communicating the rule directly to the masses but passing the directive/rule/policy through other offices/institutions. This way, no one blames the government but the institutions that have being tasked with collecting these money.

Nigeria is in a lot of bad debt.. Weak reserve too.
So FG has tasked CBN to raise crazy revenue in a short period.
But guess what, the masses will have to pay for it.

They cannot implement increase in minimum wage. Even nysc allowance too. But see how fast stealing from the masses was implemented.

Last week, the CBN announced that banks will be allowed to take charges on customer deposits and withdrawal in excess of N500,000 and N3 million respectively.

But do you know there is another charge which was not publiclized as much as the above.

Do you know that this charge is even more drastic and mouthwatering than the charges on Excess Deposits/withdrawals

THE GOVERNMENT IS RIPPING OFF THE MASSES AND USING FUNDS GENERATED TO SETTLE DEBTS ACCRUED FROM THEIR MISMANAGEMENT

Following the recent cashless policy announcement, the CBN in collaboration with Nigeria Interbank Settlement System (NIBSS) also directed that banks should charge N50 Stamp Duty on individual transactions that occur on Point of Sales (PoS).

Section 89 (2) of the Stamp Duty Act provides that “Every receipt given by any person in acknowledgement of good produced or services rendered should be denoted by an adhesive postage stamp worth N50 issued by the Nigerian Postal Service.” Section 14(2) of the same Act compels a mandatory receipt to be denoted.

Government expects to raise about N2.2 trillion annually from Stamp Duty collection.

Data from NIBSS showed that currently, total POS transactions count in a month is in excess of 40million.

Therefore, if the government wants N50 per transaction, they will be getting at least 1BILLION NAIRA IN 15DAYS , i.e 2billion per month as revenue from this new policy implementation.

I guess this is the they promised, where stealing from the masses is now done in a legitimate way.

So, when next you are to make payment at any POS point, do not be aggressive/angry when the merchants requests for additional N50.

is here, wakeup.

According to Taiwo Oyedele, Tax Leader, PricewaterhouseCoopers (PwC), Nigeria is in the top 10 in the world, for the highest income tax rate. A firm pays Company Income Tax (CIT) 30 percent; education tax, 2 percent, and withholding tax of 10 percent. When added together, it comes to 40 percent.
Doing business in Nigeria is not child's play.

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