olatpic:
As expected, many Nigerians have expressed their dissatisfaction on the announcement by CBN instructing all DMBs (Deposit Money Banks) in the country to place a N50 charge on every transaction from N1,000.

In order to avoid any further confusion, here is what you need to know about the CBN’s N50 stamp duty:

1. It is an Act that was passed into law called the Stamp Duties Act 2004 and Federal Government Financial Regulations 2009, but now being implemented in 2016.

2. The Stamp Duty charge is not being imposed by the Banks, but by the Federal government through the CBN.

3. The imposition of the Stamp Duties Act at this time is to enhance the governments revenue generation drive which has become necessary due to the fall in global oil prices.

4. All receipts, whether Cash or Electronic transfers from N1000 and above into a Current account is eligible and will be charged N50 stamp duty.

5. Only Current accounts are eligible to be charged Stamp Duty on all receipts.

6. The following receipts are exempted from the imposition of Stamp Duty:

a. Deposits or Transfers made by SELF into another account in the same bank and/or other banks.
b. Any Transfers into a Savings account.
c. Any Withdrawals from a Savings account.

7. The Stamp Duty is charged only to the receiving account i.e. the account receiving the money.

8. The N50 Stamp Duty will be charged per transaction and not per volume; that is any transactions from N1,000 and above.

9. The monies collected does not belong to the Banks, but the Federal Government. The Banks are only a channel for collecting and remitting the money to the Federal Government.

10. Under the schedule to the Stamp Duty Act 2004, other exemptions specified includes payments of salaries and wages etc.



SOURCE: http://olaitankolawole.com/10-important-things-you-need-to-know-about-the-new-n50-stamp-duty/

I use a savings account and I was charged for stamp... I think it is being charged on every account

StanbicIBTC is robbing Nigerians off on savings account claiming its stamp duty

olatpic:
As expected, many Nigerians have expressed their dissatisfaction on the announcement by CBN instructing all DMBs (Deposit Money Banks) in the country to place a N50 charge on every transaction from N1,000.

In order to avoid any further confusion, here is what you need to know about the CBN’s N50 stamp duty:

1. It is an Act that was passed into law called the Stamp Duties Act 2004 and Federal Government Financial Regulations 2009, but now being implemented in 2016.

2. The Stamp Duty charge is not being imposed by the Banks, but by the Federal government through the CBN.

3. The imposition of the Stamp Duties Act at this time is to enhance the governments revenue generation drive which has become necessary due to the fall in global oil prices.

4. All receipts, whether Cash or Electronic transfers from N1000 and above into a Current account is eligible and will be charged N50 stamp duty.

5. Only Current accounts are eligible to be charged Stamp Duty on all receipts.

6. The following receipts are exempted from the imposition of Stamp Duty:

a. Deposits or Transfers made by SELF into another account in the same bank and/or other banks.
b. Any Transfers into a Savings account.
c. Any Withdrawals from a Savings account.

7. The Stamp Duty is charged only to the receiving account i.e. the account receiving the money.

8. The N50 Stamp Duty will be charged per transaction and not per volume; that is any transactions from N1,000 and above.

9. The monies collected does not belong to the Banks, but the Federal Government. The Banks are only a channel for collecting and remitting the money to the Federal Government.

10. Under the schedule to the Stamp Duty Act 2004, other exemptions specified includes payments of salaries and wages etc.



SOURCE: http://olaitankolawole.com/10-important-things-you-need-to-know-about-the-new-n50-stamp-duty/

you are wrong on 5 and 6. I use a savings account and was charge for making transaction above 1k.

Trixxxy:
I read this to mom c
She said
'Mo yi ma lo shut down current account mi yenOshi!'

freaking hilarious mums no dey take sh!t

This stamp duty of a thing is too much to bear.#50 is not a small charge oo.God bless our biz more.

Hmmmmm... it's well!

adipemcanis1:


The issue is.....we are not earning money from oil.....so we have tolook for alterante sources of funding.

Modified.....I am really amused by some of the comments calling this extortion.Well.....here are some facts.

1.When the law was being processed in the National Assembly.....you Nigerians were busy with your videos of the latest scandal to pay attention.

2.Oil is our only source of revenue.The price has fallen. Meanwhile....you people want govt to continue feeding you....without paying. How can?

Seems like u dont understand y people are complaining, the Idea is good but we all know our country, after collecting the 50naira turned billions or trillions, it will be shared btw 5 people who will now store the money in their suck away or GP tanks.... what happend to all the money gotten when oil was above 100 dolls /barrel.... my bro they aint trying to feed us, just looking fr more money to steal.

Criminals will remain criminals.

This z the CHANGE we yarned for

If it's just for current account holders, then the banks are overdoing it. I have been charged same duty stamp on my savings account n when I questioned them I was told it's for all accounts. Sure, it's all fed Govt, but why savings also. Guess the banks are not saying the truth. Wish I have time n energy to storm the branch n demand for explanations.

Good for FG revenue. but I still want tax payment should depend on amount of earning or business income/profit or worth.

Look at this, I withdrew #50,000 from my C.account. Mallam Danjuma withdrew #5,000,000 and we are both charge #50 Naira. Who pay more? Me. Who dem dey cheat? me. Why? because i withdrew at low capital. This people are only protecting there interest.

Walahi Nigerian's never see the future o.

olatpic:
As expected, many Nigerians have expressed their dissatisfaction on the announcement by CBN instructing all DMBs (Deposit Money Banks) in the country to place a N50 charge on every transaction from N1,000.

In order to avoid any further confusion, here is what you need to know about the CBN’s N50 stamp duty:

1. It is an Act that was passed into law called the Stamp Duties Act 2004 and Federal Government Financial Regulations 2009, but now being implemented in 2016.

2. The Stamp Duty charge is not being imposed by the Banks, but by the Federal government through the CBN.

3. The imposition of the Stamp Duties Act at this time is to enhance the governments revenue generation drive which has become necessary due to the fall in global oil prices.

4. All receipts, whether Cash or Electronic transfers from N1000 and above into a Current account is eligible and will be charged N50 stamp duty.

5. Only Current accounts are eligible to be charged Stamp Duty on all receipts.

6. The following receipts are exempted from the imposition of Stamp Duty:

a. Deposits or Transfers made by SELF into another account in the same bank and/or other banks.
b. Any Transfers into a Savings account.
c. Any Withdrawals from a Savings account.

7. The Stamp Duty is charged only to the receiving account i.e. the account receiving the money.

8. The N50 Stamp Duty will be charged per transaction and not per volume; that is any transactions from N1,000 and above.

9. The monies collected does not belong to the Banks, but the Federal Government. The Banks are only a channel for collecting and remitting the money to the Federal Government.

10. Under the schedule to the Stamp Duty Act 2004, other exemptions specified includes payments of salaries and wages etc.



SOURCE: http://olaitankolawole.com/10-important-things-you-need-to-know-about-the-new-n50-stamp-duty/

UPDATE:

Now, here is a general and quick answer to some of the issues and questions that have been raised by many people here.

It is wrong for any Bank to charge a Savings or Salary account! The Banks are simply giving it their own interpretations.

But if you've been charged, write (or visit) your bank to inform them of the anomaly. If they fail to revert the charge(s) after one week...report them to CBN.


PS: There has been cases of people whose Savings account was charged just like many others here but reverted back within a week.

PPS: You can report any excessive and illegal charges by banks to the Director, Consumer Protection Department of CBN; email: cpd@cbn.gov.ng

:@OP! Thanks for this info, am rushing to UBA now to ask for reversal.
.........Them dey Craze?

Some people in England pay up to almost half of their salaries as tax. That is why they take elections serious. They want to believe they are in charge of who is piloting the taxpayers' money. I wouldn't be enraged if our government used these taxes diplomatically.

Out of over 160 million people living in Nigeria, let's say just 3 million make transactions every 2 working days. That's about 500 naira in a month. That's roughly 1.5 billion naira from just 3 million taxpayers, let alone others who perform minor/major transactions.

Still, we won't have electric power 24/7, our roads will still be bad, our schools will still be dilapidated, our counterparts in the North will still be begged to come to school and our government officials will still be earning exorbitant salaries.

We need miracle. Even if oil price rises again, what's the assurance that they will stop collecting stamp duties? Our senators pay 50 naira, same as someone who is barely earning the minimum wage.

wiringdpt:
And is buhari responsible?

I won't say buhari is. but let them look for money elsewhere

If the stamp duty is only 4 Current acct, why did Stanbic IBTC deducted #50 4rm my savings acct?

Now is clear. If the money is put to use for the benefit of all no one will complain.

olatpic:
It is wrong! Write your bank to inform them of the anomaly. If they fail to revert the charge(s) after one week...report them to CBN.

NB: There has been cases of people whose Savings account was charged just like yours but reverted back within a week.

Stanbic bank is claiming that the stamp duty is to be charged on all account types.

I have a savings account with diamond bank they've deducted 900 naira for this stamp duty

GTBANK HAS BEEN DEDUCTING N50 AND N100 STAMP DUTY CHARGE FROM MY SAVINGS ACCOUNT EVERY DAY. GTBANK IS CRAZY. WHAT CAN I DO BECAUSE I ALREADY COMPLAINED.