02/05/2023
The latest news about withdrawal limits and withdrawal taxes
In the past two months, the headquarters has received many feedbacks from CSTC consultants, team leaders and administrators. Hope the company increases the withdrawal limit and lowers the tax on withdrawals.
In fact, CSTC has already started negotiating with banks on the issue of withdrawal limits as early as February. Due to the general election in February and the issue of the old and new legal tender in March, relevant negotiations have not continued.
In April, CSTC has made another negotiation with Nigerian CBN. After the two parties reached an agreement on the maximum limit of bank withdrawals and withdrawal taxes, the following adjustments will be made starting in May.
1. The maximum withdrawal limit has been increased from the earliest 400,000NGN to 800,000NGN.
2. Since the 18% tax needs to be paid to the Nigerian government, CSTC cannot change it. Therefore, according to the unified decision of CSTC's senior management, an additional day of tax holiday will be added every month, and all withdrawal taxes will be borne by CSTC. (Tax-free withdrawal days will be set on the first and last day of each month)
(This means that there will be two tax-free withdrawal days every month, and the maximum tax-free 1600000NGN)
At present, the bank has systematically reset the relevant withdrawal limits and adjustments to tax-free days, and is expected to begin implementation in May.