Strong reactions are greeting the proposed introduction of 5% tax on online transactions done via bank ATM cards from next year.
What's your take on the new 5% VAT policy on online transactions in Nigeria? pic.twitter.com/ruEp49rK8t
— Business Insider SSA (@BusInsiderSSA) August 6, 2019
Reports that the Federal Inland Revenue Service (FIRS) may, from next year, ask banks to charge customers five per cent Value Added Tax for online purchases when using bank cards filtered out on August 1st.
The revelation was made by FIRS Chairman, Tunde Fowler in an exclusive interview with Premium Times even as he hinted that the federal government was yet to decide on whether to increase VAT or not.
Online purchases are increasingly becoming popular among Nigerians with online stores such as Jumia and Konga leading the pack. Many Nigerians also buy from popular Chinese online store, Aliexpress.
However Nigerians appear not to be okay with the new development, from reactions monitored by Opera News on twitter, many Nigerians opine that this is another way the government is planning to strangle online Nigerian buyers while another user said he strongly believed the Nigerian Senate would look into it else if implemented then the digital economy would certainly crash as it would affect every online transaction and lead to people opting out.
Another user said ”In 2015 we told you, people, that this man you call your president is not it,u told us to goan wash our mouth with Colgate that he is the Messiah, that been said fast forward to 2019 again you still didn’t receive sense, 5% VAT is here now. Buhari should be president forever oo! that he is the Messiah, that been said fast forward to 2019 again you still didn’t receive sense, 5% VAT is here now. Buhari should be president forever oo!”
5% VAT on every online purchase. Now buhari is going for technology money and not oil again.😁
Have said this the best president ever in the history of Nigeria.😂😁😁
— #BBNAIJA (@dayo815) August 6, 2019
I strongly believe the 5% VAT on online transactions is being proposed and not yet implemented.
I think the @NGRSenate would look into this. If this is implement then the digital economy would crash as every digital product involve online transactions.
People would opt out!
— Tosin Olugbenga (@TosinOlugbenga) August 6, 2019
In 2015 we told you people that this man you call your president is not it,u told us to goan wash our mouth with colgate🤥that he is the Messiah, that been said fast forward to 2019 again you still didn’t receive sense,
5% VAT is here now.
Buhari should be president forever oo! pic.twitter.com/C15LudftKS
— holudare (@holudaray) August 6, 2019
5% vat on debit card purchases.. Let that sink in, see ehn find your way out of this hell ooo pic.twitter.com/x2SMDHnLVj
— 💎Swagger👑Daddy💎 🦅🇳🇬 (@ernieomene) August 6, 2019
The 5% VAT is not amiss! It's an attempt to broaden the revenue base of the government by ensuring that purchases done online are properly taxed.
Although it's a good principle, the problem is that there isn't transparency and accountability in how the current tax is being used
— #Bibiire (@demiladeosoteku) August 6, 2019
5% VAT 🤔. This people just want to strangle us. By the time they are through with us, We would be looking for our National cake, the baker and the bakery… pic.twitter.com/lH5rqSZTBO
— Christian C. Ozor (@ozorcchristian) August 6, 2019
So it’s not enough to deal with high bank charges and crappy economy, now it is 5% Vat ??? pic.twitter.com/mN2mBb9Jqw
— GARR BUKOLA (@MissGARR) August 6, 2019
Awon ti buhari .. 5% VAT..
Issok.. you sha want to suffer the southerners,easterners and the westerners.
Cause those dingbats called northerners don’t know shit about online shopping.
Gbo gbo yin ti yawaray ..🤨🤨#VAT.
— ITz_joshymiyagi (@joshymiyagi) August 6, 2019
Faces of the fraudsters who promised us everything but we didn't know everything means nothing. 5% VAT on all purchase using debit card makes me think if there's any economic sense in Buhari's weekly FEC meeting. pic.twitter.com/TCRP7bS4gS
— Nsöm Uruan👑 (Atakpó1) (@Kany_10) August 6, 2019