₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba - Business

₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba - Business - Nairaland

Nairaland Forum › Nairaland General › Business › ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba (18008 Views)

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₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by Racoon(op): 5:41pm On Dec 11, 2020

The Asaba Division of the Federal High Court has declared as illegal all ongoing stamp duty deductions by Nigerian banks.

Justice Nnamdi Dimgba said the Central Bank of Nigeria and all banks should immediately stop further collections of stamp duties from Nigerians because there was no provision for such taxes under the Stamp Duties Act.

The judgement came on December 9 in a case filed against the CBN, Zenith Bank and the attorney-general by Rupert Irikefe, a businessman.

Mr. Irikefe was also awarded N500,000 in damages for the inconveniences he suffered when deductions were imposed on his bank account starting in January 2016.

Nigerian banks have been charging N50 as stamp duties on transactions above N1,000 across the country, a controversial policy that has long been criticised by citizens who saw it as exploitative and one-sided. The banks were asked to impose the charges by the CBN.

Mr. Dimgba also said the banks should suffer additional damages because they failed to comply with a previous ruling on the matter by the Court of Appeal in 2014, continuing to charge stamp duties on transactions despite being aware of the appellate court position on the matter.

https://peoplesgazette.com/breaking-n50-stamp-duty-on-bank-deposits-and-transfers-illegal-federal-high-court/?utm_source=ReviveOldPost&utm_medium=social&utm_campaign=ReviveOldPost

20 Likes 1 Share

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by Racoon(op): 5:44pm On Dec 11, 2020

Ripping Nigerians off by all manner of illegitimate means.
Hope the CBN and lawless government will obey the court order?

102 Likes 5 Shares

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by Kaduna1stson: 5:47pm On Dec 11, 2020

It won't work.

All these recent attempts to reverse some laws and then incriminate Buhari so he will be impeached is not going to work. Is it the president that is eating the money?

4 Likes 4 Shares

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by PedroEastman: 6:01pm On Dec 11, 2020

Kaduna1stson:
It won't work.

All these recent attempts to reverse some laws and then incriminate Buhari so he will be impeached is not going to work. Is it the president that is eating the money?

You’re very stupid

254 Likes 8 Shares

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by Nobody: 6:03pm On Dec 11, 2020

My pain is not paying after paid they steal it.

1 Like

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by Enskynelson(m): 6:12pm On Dec 11, 2020

Kaduna1stson:
It won't work.

All these recent attempts to reverse some laws and then incriminate Buhari so he will be impeached is not going to work. Is it the president that is eating the money?

How can Kaduna1stson speak like this? In fact, you are not from Kaduna. Kaduna is for intelligent people like Elrufai not for people like you that think with your a*ss

31 Likes 3 Shares

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by agabusta: 6:14pm On Dec 11, 2020

Good!

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by Johnrake69: 7:22pm On Dec 11, 2020*

Lawless country

1 Like

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by JaneYave(f): 8:33pm On Dec 11, 2020

So annoying. First Bank take heed.

16 Likes 1 Share

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by kalvoken(m): 7:39am On Dec 12, 2020*

If you want to know how big this banks extort from their customers, just go through your transaction history for the past 6 months.

They make you believe that buying airtime from your account is free. Lol, they charge unseen #4 anytime you recharge from your account.

6 months before the expiration of your ATM card, access bank would debit you for a new card. But when you get there after the old one must have expired, they will charge you again for atm that you already paid for. Na so I change am for one of their customers care. I asked her how possible it is for them(access bank) bank to make a new card for me if they had not charged me for it.

18 Likes 4 Shares

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by TGM2015: 7:40am On Dec 12, 2020

Right. Screenshots of the reliefs granted, rejected and requested attached.

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by inoki247: 7:40am On Dec 12, 2020*

we are used to it....

buh if is illegal mak them reverse the one dey av deducted before cause in a month if I calculate all the 50naira wey dey waka for my account he go reach 3k+ at least in a day If I send more than 10k to 3 people na 150 be that...

all doz stamp duty is enough to pay bride price in my Village....

6 Likes

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by ATEAMS: 7:40am On Dec 12, 2020

In Nigeria it's non refundable

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by Xzellentgraphic: 7:40am On Dec 12, 2020

I was charged #100 yesterday for stamp duty...its nonsense.
Do you need logo, banner and flyer for your business.... I'm available... Get my contact from my signature now...thanks

1 Like

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by MilesMaxwell: 7:40am On Dec 12, 2020

Na now una know?

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by Nobody: 7:41am On Dec 12, 2020

What ever goes up in the Zoo never comes down
Buhari is Nigerian's best president so far grin

2 Likes

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by MrNipplesLover(m): 7:41am On Dec 12, 2020

is this not even worse than rituals, Yahoo Yahoo and scam?

this is just so annoying...
wetin dem use the money do, no account for it.

bastard people.

2 Likes

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by Sunnycliff(m): 7:42am On Dec 12, 2020

Dem go appeal am and it will end in Supreme Court and tanko will say let them continue with the stamp charges

2 Likes

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by Joshcoli(m): 7:42am On Dec 12, 2020

Kaduna1stson:
It won't work.

All these recent attempts to reverse some laws and then incriminate Buhari so he will be impeached is not going to work. Is it the president that is eating the money?

Akamu brain

7 Likes

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by fineboynl(m): 7:42am On Dec 12, 2020*

and ATM Card maintenance. nigeria bank deduct money for ATM Card maintenance for a plastic card that is in my pocket. after collecting money from each ATM card transaction.

12 Likes 2 Shares

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by Nobody: 7:43am On Dec 12, 2020

And believe me, they rake in huge amounts daily.

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by Frankbaro(m): 7:43am On Dec 12, 2020

Kaduna1stson:
It won't work.

All these recent attempts to reverse some laws and then incriminate Buhari so he will be impeached is not going to work. Is it the president that is eating the money?

Your stupidity na follow come. Anyway what do I expect from a cow

12 Likes 1 Share

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by Sunnycliff(m): 7:44am On Dec 12, 2020

Kaduna1stson:
It won't work.

All these recent attempts to reverse some laws and then incriminate Buhari so he will be impeached is not going to work. Is it the president that is eating the money?

Am happy you are buying fuel for #100 per litre and you are exempted from stamp duty and other dubious charges and taxes FG is billing on us

8 Likes 1 Share

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by saintjimos(m): 7:44am On Dec 12, 2020

if i follow sue Dem ko free me damages ?
I just want to cash out �

1 Like

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by nnamdi640: 7:44am On Dec 12, 2020

You borrowed money from IMF and used 80% of it in the north and you want everybody to contribute in order to pay back.

11 Likes 2 Shares

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by Charleys: 7:44am On Dec 12, 2020

Nobody is complaining

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by eneyoduke(m): 7:45am On Dec 12, 2020

Will there honour the order? To me NO

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by Proton99: 7:49am On Dec 12, 2020

The banks are already making a killing with the fractional reserve system they operate. Sadly, greed can never be satisfied hence the stamp duty. When the day of the rope comes bankers will be the first in line.

1 Like

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by kennosklint(m): 7:49am On Dec 12, 2020

That was how zenith charged me 5k for stamp duty and additional 5k for sms charge. Chai naija which way

Re: ₦50 Stamp Duty On Bank Deposits & Transfers Are Illegal - FHC Asaba by loadedvibes: 7:49am On Dec 12, 2020

We know na.. but this government na tyranny they don't listen to anybody no matter how you soro soke

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