Pls I will need contributions of all with financial knowledge about how the federal government's stamp duty can be circumvented. It happens that I move medium amount of money daily for my business (50-100k or more) daily and some of my customers pay through transfers. But what is sickening is the way at which I am charged outrageously, sometimes I pay more than 1k daily on stamp duty. Even if the country is cash strapped paying 1k daily on stamp duty does not make sense.

Evidence to buttress my point

NwaNimo1:
You are being scammed.......which stamp are you paying duty for?

it is deducted directly by my bank(access bank), infact the date on the one deducted today was even reading Monday's date.

How come?
How much are your customers depositing per transaction?
₦100000 should cost you ₦500 max for stamp duty if each customer deposit ₦10000.
Stamp duty should only be charged on your deposit if you received ₦10000 or more, so try to talk to your bank first to know what the charges are for, if not satisfied, make a CBN complaint and copy your bank.

I just saw your attached statement.
I noticed the stamp duty is charged on monthly basis or why is it showing month ?

OlujobaSamuel:
I just saw your attached statement.
I noticed the stamp duty is charged on monthly basis or why is it showing month ?

nope it is not in my case ooo, infact I have received more than 20 alerts on stamp duties this month alone, the attached file was only for today.check the one for yesterday.

Aphrygian:
nope it is not in my case ooo, infact I have received more than 20 alerts on stamp duties this month alone, the attached file was only for today.check the one for yesterday.

You can calculate the stamp duty yourself.
Just check the number of fund received into your account that is in excess of ₦10000, then multiply by ₦50, so if the charge on your account is more than your calculation, then your bank has some explanation to give

From my knowledge, those deductions are in arrears from the period the stamp duty charge was introduced, reason you have February, March, and so on. Those are the charges for February and March.

You can only dodge it by having your customers split the payment for you. E.g pay you 9,999 instead of 10k,
Split payment above 10k and below 20k into two, if they're comfortable doing so. If not, you have to live by it.

OlujobaSamuel:

You can calculate the stamp duty yourself.
Just check the number of fund received into your account that is in excess of ₦10000, then multiply by ₦50, so if the charge on your account is more than your calculation, then your bank has some explanation to give

thanks bro, but is the 10k accumulative or any singular transaction that is 10k or more?

Tongsman:
From my knowledge, those deductions are in arrears from the period the stamp duty charge was introduced.

You can only dodge it by having your customers split the payment for you. E.g pay you 9,999 instead of 10k,
Split payment above 10k and below 20k into two, if they're comfortable doing so. If not, you have to live by it.

oook I think this is explicit enough. I will even tell them to start adding their 50naira.

You sure say hushpuppy never see one small phone inside jail so....

Aphrygian:
thanks bro, but is the 10k accumulative or any singular transaction that is 10k or more?

Singular transaction.
Telling your customers to add the ₦50 might not work bro except your business activity is one which is a kind monopolistic system, that is, you are the only one around, else your customer might opt to look elsewhere.
Alternatively, you can increase the price of your commodity or service systematically, create a false scarcity, then increase the price by the 50 or ₦100.
Customers don't want to entertain adding additional price to the selling price of a commodity.

I feel it’s only access bank doing this, that’s how I got debit card maintenance fee 1k+ And I’m like I don’t even have a card not to talk of maintenance. I quickly called them and I was refunded in 48hrs . Please call them or else this would continue

Aphrygian:
it is deducted directly by my bank(access bank), infact the date on the one deducted today was even reading Monday's date.

Try another bank. Access bank is nothing to write home about

I do not understand how a president of Nigeria will sign such Finance Act. Its daylight robbery.

EwuGambia:
You sure say hushpuppy never see one small phone inside jail so....

I saw many people complaining about this on Twitter this evening. Especially Access Bank—that bank is a fraudulent bank. I'll move away from them soon.

The solution is to open another bank account, like three different bank, you will see the one that don't deduct money unnecessary

RenaissanceGuy:
I saw many people complaining about this on Twitter this evening. Especially Access Bank—that bank is a fraudulent bank. I'll move away from them soon.

Not only access bank sir

We need to seriously fight for our right as regard this stamp duty charges, it's killing busines

The amount I've lost with stamp duty charges is very outrageous and on average, I lost over 50k monthly because I sell online

It's a big problem, my account receives regular cash flow and the deductions are outrageous.
When you cummulate the fee, it's just excessive and pure robbery.
I end up paying almost #1500 monthly, now multiply by the millions of people paying as much and understand the volume of revenue this is bringing.

I will have to dump their useless bank.
After all the deductions this year, they still deducted more than 2500 from my account yesterday, claiming it's February, and March stamp duty.

Stamp duty kee dem there..
Nonsense..
Useless bank..

EwuGambia:
You sure say hushpuppy never see one small phone inside jail so....

You are really a Gambian Goat.

spik:
I feel it’s only access bank doing this, that’s how I got debit card maintenance fee 1k+ And I’m like I don’t even have a card not to talk of maintenance. I quickly called them and I was refunded in 48hrs . Please call them or else this would continue

No, gtb deducts theirs even before the money shows in your account. If I send you 20k you recieve 9950.

k2wise:


No, gtb deducts theirs even before the money shows in your account. If I send you 20k you recieve 9950.

I expect the moderators to have move this topic to front-page because this is too much

Access bank is the worst

Access bank don comot all my money in the name of stamp duty

I got 700 and 400 alert yesterday. Im printing my SOA and cheking this thing myself. Im going broke with this stamp duty.