The
Federal Government through the Central Bank of Nigeria, on Tuesday, imposed
stamp duty of N50 on bank customers for money received into their accounts.
Consequently, bank
customers will henceforth pay N50 stamp duty for money received into their
accounts via electronic transfer, cash and cheques.
This order 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 CBN stated, “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;
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.”
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