NEW STAMP DUTY TAX POLICY IS ANTI-POOR
It is useful to appreciate and perhaps sympathise with the enormous challenges facing the current government. The southward movement of the crude price is a critical dynamics in this respect. More fundamentally today, is the need to reposition our economy from a mono-culture, import dependent and consumer of all kinds of foreign products. The truth is that we as a nation have remained too long in our comfort zone by putting all our eggs in one basket; relying majorly on revenue from crude oil. We refused or neglected to save for a raining day and that is why we are on our kneels today.
Be that as it may, the question is that, must our leaders ride a willing horse to death? We have agreed to tighten our belts but they say that was not enough. We have resorted to providing basic necessity of life, such as: power, water, security etc for ourselves and virtually become a local government council, yet our hope is progressively being dashed. How long can we bear this pains and anguish? More questions than answers!
I have critically examined the recent implementation of the stamp duty on savings by the banks and found it contradictory on many fronts. Firstly, it is against financial inclusivity because it will further discourage the unbanked rural community from embracing banking and saving habit. Secondly, I strongly believe this is against the ‘cash-light’ policy of the government because it will encourage more cash transactions as against less cash. Also, people are more likely to hold cash at the risk of being stolen.