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.
Mallam Ibrahim Mu’azu, CBN Director, Corporate Communications, made the clarification on Thursday in Abuja in a statement issued to newsmen.
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. Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
This is madness, what are we paying for. This is a way to discourage cashless policy. It means that I am now taxed for everything I buy.
ReplyDeleteWhats the...Is this a joke? What has stamp duty got to do bank transaction and what has it got to do with NIPOST? Stamp duty is a tax that is levied on documents
ReplyDeleteThat is the change we voted for
ReplyDeleteBuhari handwork
ReplyDeleteCOT, SMS charges, plus Stamp duties is equal to. . .
ReplyDeleteThis our CBN governor is Voodoo manager not a scientific one that he is supposed to be.Muazu and co, if u want to defraud Nigerians give it another name not STAMP DUTY cos it makes all of you sound unintelligent. Stamp duty as already pointed out by anonymous8:45 is on documents not deposits or transfers Does this mean VAT will no longer be charged on our accounts?
ReplyDeleteEmiefele has been acting stupid since he became the CBN governor. Sanusi removed the ATM cash withdrawal fee, this Emiefele reintroduced it. Now it is stamp duty. Stamp duty is meant to be paid on perfection of documents and not for keeping my money in the bank. The banks will loose because I will rather keep my cash in my house. The house should put a stop to this madness. Since when did CBN become a revenue generation body. This clueless Emiefele must be sacked. He is only good at keeping funds for looters. After all 80% of the stolen fund sits at Zenith bank. Ole.
ReplyDeleteThis is absolute madness. Why should Nigerians be subjected to pay N50 for stamp duties when there are other existing charges already. emiefele should be advise to resign honourably because he lack expertise.
ReplyDelete