BREAKING: FG Asks Nigerians To Report Merchants Demanding N50 POS Charge - says it's illegal

The Federal Government has declared That the N50 POS Charge as  stamp duty on Point of Sales transactions by merchants is illegal and Nigerians should report violations with evidence when they occur.

The Central Bank of Nigeria (CBN) on Monday, clarified the extra charges on customers by merchants, that N50 stamp duty is a fee regulated by an act that directs merchants to pay all necessary taxes as regulated by government agencies.

Federal Competition and Consumer Protection Commission (FCCPC) in a statement by its Chief Executive Officer, Babatunde Irukera, said
“The Commission hereby provides this guidance pursuant to S. 18 (2) FCCPA and prohibits any such assessments pursuant to S. 18 (a), (e), (f) and (h).

He added that such assessments may be in violation of other extant provisions and law, including S. 129 (1) (a) and (2). The Commission, in collaboration with CBN, other relevant regulators and law enforcement authorities, intends to enforce the law to its fullest extent and invites consumers to report violations with evidence when they occur with evidence

“The FCCPC’s strongly held position was that an assessment imposed on merchants necessarily is a component of their cost of doing business, and may only be directly passed on to the consumer in limited circumstances.

“Further more He strongly declared that merchants are now prohibited from penalising or otherwise assessing any duty, costs or assessment characterised as “stamp duty” on consumers who select the point of sale options to conclude their purchases or transactions.”

In details He said “To impose an additional fee on consumers that is exclusive of price and discriminates based on the selected mode of payment essentially amounts to a penalty for the adopted mode of payment.”

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