In compliance with a directive from the Federal Inland Revenue Service (FIRS), Deposit Money Banks (DMBs) have been instructed to initiate the deduction of a 0.375 percent stamp duty charge on all mortgage-backed loans and bonds.
This directive, communicated to customers through electronic messages from banks, expands the scope of stamp duty charges to encompass foreign transactions and loans, alongside regular bank transfers. It reflects the government's efforts to bolster fiscal performance by broadening the application of stamp duty charges.
The message from Access Bank, for instance, informed customers of the implementation of the stamp duty charge on transactions such as contracts and legal mortgages. The charge, set at 0.375 percent, will be applied to loans backed by legal mortgages, shares, debentures, or bonds, with the revenue remitted to the FIRS.
Despite this development, previously approved loans remain unaffected and are expected to be repaid according to the agreed terms and conditions. Banks assure customers of their commitment to delivering exceptional service amid these regulatory changes.
