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.
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Source: DailyPostNGR - 🏆 11. / 59 Read more »