An employers’ group is crying foul over compulsory the 50-naira stamp deductions on every banking transaction.

The group under the aegis of the Nigeria Employers’ Consultative Association, NECA has called on the Federal Government to compel commercial banks to discontinue the deduction of 50 naira as stamp duties from the accounts of customers.

The Director-General of NECA, Mr Olusegun Oshinowo, made the appeal in an interview with newsmen in Ikeja on Friday, August 3rd.

He said it was wrong for banks to continue to make the deductions after a court ruling that such deductions should be stopped forthwith.

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According to him, duplication of taxes in the country is largely responsible for the persistent dwindling of business activities nationwide.

“The biggest challenge businesses have in Nigeria is not multiple taxation but duplication of taxes. It is true that there are about 55 taxes paid by business operators in the country.

“For instance, after you pay VAT as a consumer, the Lagos State Government will ask you to pay hotel consumption tax because you want to use hotel facility.

“They are both consumption tax,’ he said.

Continuing, he said: “Whether the FIRS call it corporate tax, withholding tax, levies or sub-charges, the money is coming from the same purse.

“It is not until you give a name to whatever a business operator is paying for that it is tax. Evidence has shown that OPS members pay 55 different monies to the government at different levels.”

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