Payments of salaries and wages as well as payments and deposits for self-to-self transactions whether inter or intra bank are exempted from the N50 stamp duty policy, the Central Bank (CBN) has said.

Malam Ibrahim Mu’azu, CBN Director, Corporate Communications, made the clarification on Thursday in Abuja in a statement issued to newsmen.

NAN recalls that the CBN recently introduced the policy which was contained in the Stamp Duty Act, 2004 and the Federal Government of Nigeria’s Financial Regulation of 2009.

The policy is part measures to boost tax revenue for the federal government.

The statement said that charge was on all receipts issued by banks or financial institutions in acknowledgment of services rendered in respect of teller deposits and electronic transfers for a value of N1,000 and above.

“The 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 under its supervision to commence the collection of the duty on behalf of the federal government.

“Consequently, the money deposit banks have been directed to commence the collection of the duty.

“Banks are to collect the N50 stamp duty and remit same to the Nigerian Postal Services (NIPOST) on behalf of the customer.

“The N50 stamp duty is charged per transaction and NOT per volume. Hence, irrespective of the amount, the sum of N50 is to be charged provided such a transaction is N1,000 and above.

“There are however some exemptions and these include payments of salaries and wages, payments and deposits for self-to-self transactions whether inter or intra bank among others,’’ the statement said.

lalasticlala

Frodobee :

Buhary sef!
Imagine my master President Buhari is still going ahead with this cow-dungs policy.
Anyway as a rice-tivist, I and our e-masturbaters will defend after all we are paid for it. But Bubu why remove 50kobo from PMS and COT charges only to slam us with #50+4naira charge. Eh? This na satanic gift o, gives you 50kobo on every litre, takes #50naira on every #1000.
Sorry my fellow rice-tivists for breaking our code.

vayne:
#50x75million daily=Broad daylight robbery!

suyamasta:
CBN! more clarification is needed on this

UltraSphinx:
Mere N50 is chicken change, but if the gross total is calculated per working year, i bet it'll amount to billions of hard-earned naira that are waiting to be looted by another power-broker