THE 50 NAIRA STAMP DUTY : qu’est-ce que c’est?


The unthinkable has happened. Suddenly the Wailers and Agents of Change have joined forces; albeit temporarily, to stand atop the roof and howl their lungs dry.

What else can bring these two unlikely bedmates together?

Tax no ni. Or fear of Tax.

The truth of the matter is, the average Nigerian does not like paying Tax. In fact, Nigerians don’t pay tax.

It is an abomination to pay Tax or Levies in Nigeria.

“Tax? Wettin be that? Only mumu dey pay Tax” will be the sharp retort, if you ask anybody on the street.

They will even tell you that fiddling or dodging tax is not Corruption.

We resist paying bills with more tenacity than we will resist a Military dictatorship.

If Nigerians were given the choice of either paying bills and Tax or have Jonathan as President, Jonathan will still be in Aso Rock today.

Yes o. It is that bad.

The problem of electricity started in Nigeria because we wont pay NEPA bills. We would rather take the risk of climbing an electric pole and fiddle with live wires than pay some ridiculously low bill.

Same for petrol. We are ready to burn down the whole country if the Govt dares remove subsidy; despite all the corruption.

Which brings me to the matter of the 50 Naira stamp duty on Bank transactions announced recently.

The Stamp Duty Act is not new. It has been in existence since 1990.

It was even reviewed in 2004, and since then, the CBN has tried unfailingly to enforce it.

The reality facing us is that the revenue from oil is almost non existent.

The Country is broke, thanks to the goats.

Its enforcement will reportedly generate about 2 Trillion Naira for the Government. And only about 20% will come from bank cash deposits. The rest will be from stamp duties on Shares, Bonds and Property purchases.

……But because the average Nigerian fear Tax pass Injection, we are not interested in the little details.

Yes, this is the Change we signed up for.

Lets Change from fiddling to paying.

Pay your Tax.

Mazi abe idris © 2016

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