*So what is exempt?* Find below the full list of financial services that would attract the 17.5% tax: 1. CURRENT ACCOUNTS (Foreign/Local) – CORPORATE BODIES ONLY 2. BANK DRAFT (PAYMENT ORDER) 3. STOPPED CHEQUES 4. RETURNED CHEQUES 5. COMMISSION ON TURNOVER (CORPORATE BODIES ONLY) 6. OVERDRAFT PROCESSING OR RENEWAL FEE 7. REVOLVING ACCEPTANCE CREDIT 8. ARRANGEMENT FEE FOR FACILITIES 9. STATEMENTS AND CERTIFICATES OF BALANCE 10. CLEARING CHARGES 11. CHEQUES FOR COLLECTION 12. STANDING ORDERS 13. TELEPHONE BANKING 14. SAFE CUSTODY 15. CHEQUE BOOKS - Sale of cheque leaflet - Replacement of Lost Cheque Book 16. DEBIT CARDS AND CREDIT CARDS 17. REVOLVING CREDITS 18. COLLATERAL MANAGEMENT 19. TRANSFER OF DOCUMENTS TO OTHER BANKS 20. GUARANTEES/BONDS/TENDER/PERFORMANCE 21. REQUEST FOR FOREX DRAFTS 22. OUTWARDS TRANSFER: SWIFT/TELEX - Drafts/Money Orders – Customer 23. TRAVELLERS CHEQUES, DRAFTS 24. CHEQUE LODGEMENTS – (FOR CORPORATE BODIES AND THIRD PARTIES ONLY) 25. EVACUATION FEE (CASH-IN-TRANSIT) 26. UNPAID STANDING ORDER 27. CLOSURE OF ACCOUNTS 28. REMOTE BANKING SERVICES - Online Banking (Internet) - E-statements - E-clients - Phone banking - SMS banking - Mobile Banking - Monthly subscription - Financial Transaction Fee 29. LENDING FEES - Commitment Fee (Arrangement fee, Processing fee, facility fee) - Processing Fee - Property Valuation Fee (Open market value) - Guarantee Commission - Bid Security - Bank Credit Letter (Letter of Intent) - Mobilization Guarantee - Retention Guarantee - Performance Bond - Default or restructured 30. OTHER LOANS, EXCLUDING SALARY ADVANCE - Arrangement Fees - New Loans - Top-Ups - Early Settlement Fees 31. LETTERS OF CREDIT (IMPORTS) Establishment Commission - Arrangement Fee * Presentation under L/C Drawings Amendments: - Increase in Amount - Extention of period - Extention of period – another quarter - Discrepancy Other amendments: 32. DOCUMENTARY BILLS FOR COLLECTION (IMPORTS) Handling charges – customers Negotiation Commission - Advice of fate - Bills deleted - Protest Payment Commission - Holding charges (per quarter) Prior Approval – Customers with: - Own Resources - Telex/Cable charges - Swap charge Customers allocated funds from Bank; ExchangeTelex / Cable charges
Posted on: Fri, 06 Jun 2014 15:06:39 +0000