Banks in the country have begun the implementation of the Central Bank of Nigeria’s directive that they should start charging N50 on every lodgement in current accounts worth N1,000 and above amidst outcry from customers.

Investigation by our correspondent showed that some operators of Small and Medium Enterprises were not aware of the plan to start charging stamp duties on every transaction until they received alerts of the deductions from their banks.

A bank customer, who said she is a proprietor of a small school, told our correspondent in Abuja on Tuesday that she was alarmed when she received an alert that N30,000 had been deducted from her account for stamp duties.

She said, “I am aware of the controversial stamp duty but I never imagined that this was what it was leading to. How can N30,000 be deducted from our account in one fell swoop? There was no notice; no explanation of what was coming.
I do not understand the basis for this deduction at all. How can they charge me stamp duty when no stamp, electronic or physical, was affixed to our receipts. In fact, there was no receipt whatsoever. It is even outrageous for the bank to charge me N30,000. They sent me an alert of the deduction of N30,000. For N50 to amount to N30,000, there must have been 600 lodgements.”

She added, “Even if all the parents of my pupils have paid their fees; I don’t have 600 children. I only have about 100 pupils. There have been only 27 lodgements in our account in the current month. Are they charging us for the past years? I am confused.

“If the government kills the small businesses that it calls the engine of growth of the economy; then, it would have killed the economy. Stamp duty is an addition to the other levies and taxes we pay. If the stamp duty is on current accounts alone; then, I am closing mine immediately.

“We pay about N30,000 for mobile advertising per bus, even if your bus does not have any inscription on it. Small schools pay about N40,000 for business premises and N20,000 for signboards. Small schools like my own pay N100,000 per annum to the FCT Department of Quality Assurance. Some pay up to N1m.

“Then, there is tax to be paid. Of course, there are the extortion like fumigation and environmental charges. In the midst of these, many parents owe school fees because they have not been paid salaries.”

The CBN had on January 20 issued a circular directing the banks and other financial institutions to start charging stamp duties on lodgements into current accounts with value of N1,000 and above as a way of shoring up government revenue.

The circular stated, “As part of efforts to boost its revenue, the Federal Government of Nigeria is exploring revenue opportunities in the non-oil sector, especially taxes and rates. It is in recognition of this fact that banks and other financial institutions are enjoined to support government’s revenue generation 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.

“With immediate effect, all Deposit Money Banks and other financial institutions shall commence charging N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act and the Federal Government Financial Regulations 2009; that is, all receipts given by any bank or other financial institution in acknowledgement of services rendered in respect of electronic transfer and other teller deposits from N1,000 and above.”

Should the stamp duty collection succeeds, the Federal Government is expected to rake in N2.5tn from it alone on an annual basis. Stamp duty from the financial services industry will, therefore, pass as the highest source of revenue to the government.

In the 2016 budget estimates, government revenues from all sources are put at N3.8tn, while debt financing is put at N2.2tn.
http://www.punchng.com/customers-lament-as-banks-begin-stamp-duty-implementation/

Chaii, CBN don start with their abracadabra.

Could it be they charged the woman #50 for every 1k cous this is Uwa Mmebi robbery..

Very soon, all institution will revert back back to paying fees manually, were we all have to queue at the bursar's office to pay cash..

I wonder how much Dstv, Lagos state payee account will be charged daily for those who ve seen what goes on those account..

Last week, GTB sent me an email saying they want to start collecting the CBN Stamp Duty charge from my Current account.

I logged onto my Internet Banking Platform, did a few clicks, entered token code and my SAVINGS account no. was BORN.
I didn't even need to visit the bank.

Change you seek, na chanji you get. we truly need change but not from 'manageable' to 'dead'

Thats corruption from that bank. The woman should change her bank

puskin:
Last week, GTB sent me an email saying they want to start collecting the CBN Stamp Duty charge from my Current account.

I logged onto my Internet Banking Platform, did a few clicks, entered token code and my SAVINGS account no. was BORN.
I didn't even need to visit the bank.

UBA charged me for my savings account oh! They said they charge savings account too. I complained that it's a savings account and I didn't read the part where savings account were to be charged. Nothing till now. They keep charging.

This stamp charge eh. I don't just know what to say
Diamond charged me a whooping #900 for January transactions despite its a savings account.
I'm still expecting Gtb's charge which should be more but from the mail they sent to me, its not applicable to savings account.
If its so, i 'm then wondering why Diamond will charge me

Lalastica. Pls, let this be on frontpage. Let people be aware of how banks are ripping off customers in the name of stamp charge.

cc: omenka,dunkem,gboliwe,Amtaken,Clerverly,WhoRUDeceiving,Keneking,anonimi,LordAdam, Missy89

kennyman2000:
Lalastica. Pls, let this be on frontpage. Let people be aware of how banks are ripping off customers in the name of stamp charge.

cc: omenka,dunkem,gboliwe,Amtaken,Clerverly,WhoRUDeceiving,Keneking,anonimi,LordAdam, Missy89

Nothing to worry about.
Superman Buhari will swagger them into order promptly.
Except that the PRETENTIOUS crook is too busy doing tourism OUTSIDE our country and moreover is a damn CORRUPT person himself just like these banks.



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This is broad day stealing! How can one single account pay N30k in one month when only about 27 deposits above N1k passed thru her account?
Why are these banks trying to kill its customers? Going cashless isn't even fun anymore

if I say I get the direction this country is heading I must be lying. how can one explain how citizens will work their asses off,pay their taxes and all yet we don't seem to see where the tax money is been used,when you go to hospital for treatment of course you pay,pay school fees,pay toll gate fees too and the small entrepreneurs pay their required bills too and now when you also put your hard earned money in the bank they collect #50 for every #1000,what in the world is wrong with these people. what do they want to turn the country into?? this is really crazy.

if I say I get the direction this country is heading I must be lying. how can one explain how citizens will work their asses off,pay their taxes and all yet we don't seem to see where the tax money is been used,when you go to hospital for treatment of course you pay,pay school fees,pay for electricity,ensure your community security,pay toll gate fees too and the small entrepreneurs pay their required bills too and now when you also put your hard earned money in the bank they collect #50 for every #1000,what in the world is wrong with these people. what do they want to turn the country into?? this is really crazy.

Ok naaaa. He whose father sent to steal usually use one leg to break the door. With this stamp duty I know banks just got license to initiate outrageous charges.