Ordinary citizens and low income earners in the country are being ripped off by hefty taxes imposed by banks in the country and the Government should seriously look into putting some control measures, says NCD Governor Powes Parkop.
Mr Parkop, directing questions at Treasury Minister Don Polye during Question Time in Parliament yesterday, expressed concerns that banks continue to impose taxes on various services they provide and are ripping off a lot of money from ordinary citizens. "I have a relative who had K200 in her account and she never did any transactions. And after a while, she found that everything is gone through the bank tax," Mr Parkop said. He said there were too many taxes being charged by the bank. Especially the transaction taxes such as bank withdrawal transactions, eftos, ATM fees, phone transfers and other services involve tax fees. "Not long they will tax you for the air that you breath in the bank, if they can manage that. It’s getting ridiculous. "So I want to ask the Treasurer if the Government can put a threshold amount on some of the savings in the bank so that bank taxes must not be applied on those people who save maybe K10,000 and below," Mr Parkop said. He said the ordinary people in the country strive hard to save the little money they earn. "These people don’t earn a lot of money and the banks are just killing the ordinary citizens," he said. Former Prime Minister and New Ireland Governor Sir Julius Chan in a supplementary question also supported Mr Parkop’s concern. "I agree with NCD Governor that the banks are making a killing. There is a big difference between the deposit and the lending rates. The deposit rate is low while the leading rate is too high. Comments are closed.
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