Just this morning I received a message alert from Diamond Bank that I have been charged #50 stamp duty for the month of August! Then I asked myself what is Bank Duty and why have I been changed for it? In order to satisfy my curiousity, I went online to Google about Bank Stamp Duty and behold it is a Government policy through the financial institute.

By Babajide Komolafe

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;

“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.”


http://www.vanguardngr.com/2016/01/fg-imposes-n50-stamp-duty-on-bank-customers/

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 is called 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.