Monday, 28 October 2019

N50 PoS stamp duty charge begins

 

   The Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS) are working for the application of remittance processes to ensure the seamless collection of stamp duty charges for PoS. Many filing stations and supermarkets are already adding  the new fee to the customer’s purchases.

 To avoid dispute with its customers, filling stations have pasted notices on their pumps. In a notice to its customers, a filling station official said: “N50 Stamp Duty Charge on PoS Transactions. Folliwing the CBN directive of September 17, 2019 to charge applicable taxes and duties on individual electronic transcations, all Hayden Retail Stations shall henceforth charge N50 extra on all PoS transactions from N1, 000.”

Before now, the fee paid by merchants on the aggregate PoS transactions carried out on a particular period, which was never passed to customers. The extra charge on customer’s transaction followed a CBN’s directive to banks to charge N50 Stamp Duty on individual transactions, rather than merchants’ accounts.

 The procedural processing guide for stamp duty Charges for PoS, web merchant and all deposit money banks (DMBs) should download daily PoS/Web settlement report from their respective processors settlement file transfer portal.

   Also, the PoS and web settlement processing officer shall ensure that stamp duties are correctly processed daily by downloading daily PoS/web transactions valued at N1, 000 and above, noting the count of these transactions; multiply the count of these transactions by N50 and pass the corresponding debit/charge to the respective merchant accounts.

THE NATION

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