The Federal Government has imposed a stamp duty of N50 on bank customers
for money received into their accounts. This implies that every bank
customer will henceforth pay N50 stamp duty for money received into
their accounts through electronic transfer, cash and cheques.
This directive was contained in a circular to all
Deposit Money Banks and Other Financial institutions titled, "Collection
and Remittance of statutory charges on receipts of Nigeria Postal
Service under the Stamp Duties Act”.
The circular in part reads
“As part of efforts to boost its revenue base, the federal government of
Nigeria is exploring revenue opportunities in the non-oil sectors
especially taxes and rates. It is in recognition of this fact that banks
and other financial institutions are enjoined to support government’s
revenue drive through compliance with the provisions of the Stamp Duties
Act, LFN 2004 as reinforced by the court judgement in Suit No
FHC/L/CS/1710/2013.
In this regard, the CBN pursuant to the provisions of its enabling laws,
hereby issues this circular to all DMBs other financial institutions:
With immediate effect, all DMBs and other financial institutions shall
commence the charging of N50 per eligible transaction in accordance with
the provisions of the Stamp Duties Act and Federal Government Financial
Regulations 2009, that is, all receipts given by any bank or other
financial institution in acknowledgment of services rendered in respect
of electronic transfer and teller deposits from N1, 000 and above; For
all avoidance of doubt the following receipts are however exempted from
imposition of stamp duties: payments of deposits or transfer by self to
self whether inter or intra bank; and any form of withdrawals/transfers
from saving accounts; It should be noted that these charges are only
payable by receiving accounts; Each DMB shall open an account designated
as NIPOST Stamp Duties Account into which all charges collected shall
be paid. The balances in such accounts shall be transferred monthly by
the DMBs to CBN NIPOST Stamp Duty Collection Account No. 3000047517;
Other financial institutions shall remit their Stamp Duty collections to
any DMB of their choice”.
Title : FG Imposed a Stamp Duty Of N50 On Bank Customers
Description : The Federal Government has imposed a stamp duty of N50 on bank customers for money received into their accounts. This implies that every...
