Bank customers to be charged N50 Stamp Duty per transaction of N1000

The Central Bank of Nigeria (CBN) has clarified that the N50 stamp duty imposed on bank customers is to be charged per transaction of N1,000 and above, and not on the volume of transactions as many may have thought.

Director, Corporate Communications CBN, Mallam Ibrahim Mu’azu, said in a statement on Friday that it has become necessary to make the clarification following some misconceptions among members of the public. He made it clear that the guideline for the implementation of the Stamp Duty on bank transactions, advised banks and other financial institutions operating in the country to commence collection of N50, and it is  applicable to eligible transactions.

Such eligible transactions include all receipts given by a bank or financial institution in acknowledgment of services rendered in respect of teller deposits and electronic transfers for of the value of N1000 and above. He also said that some exemptions specified in the scheduled to the Stamp Duty Act 2004 (under the caption “receipt”) include payments of salaries and wages, payments, deposits by self to self whether inter or intra bank among others.

Mu'azu hinted that implementation of the Stamp Duty at this point in time emanated from a federal high court order that the CBN should direct deposit money banks (DMBs) under its supervision to commence the collection of the duty on behalf of the federal government of Nigeria, in compliance with the provisions of the Stamp Duty Act 2004 and the Federal Government of Nigeria (FGN) Financial Regulation of 2009.

“Consequently, the DMBs have been directed to commence the collection of the duty thus: Banks are to collect the N50 stamp duty and remit same to the Nigerian Postal Services (NIPOST) on behalf of the customer,” he said.

- Rexinews

- Leadership