THE Federal Government through the Central Bank of Nigeria, imposed stamp duty of N50 on bank customers for money received into their accounts.

*File Photo
File: Banking hall
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;

Source: http://www.thelivefeeds.com/fg-imposes-n50-stamp-duty-bank-account-holders/


Hence, if i am receiving payments from clients, i'd have to add N50 to my pricing...to cater for this stamp duty deduction...

FGN/CBN are both fraudsters

It aint cool @ all

You can use your savings account it doesn't apply to savings does it?

coolsix:
You can use your savings account it doesn't apply to savings does it?

Yes, doesn't apply to savings. But you don't want to transact business in your name, you'd rather have your clients transact in your business name.

It affects even savings account o.

guente02:
It affects even savings account o.

You mean it?

dlivefeeds:


You mean it?

Yoop.
Really sad. I even heard they deduct same N50 for withdrawal (Not confirmed).
You can evade it when you fill so many tellers with N950 each (those front tellers go swear for you)

guente02:


Yoop.
Really sad. I even heard they deduct same N50 for withdrawal (Not confirmed).
You can evade it when you fill so many tellers with N950 each (those front tellers go swear for you)

Lol! you self go tire