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LequteMan
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The Central Bank of Nigeria (CBN) has made clarifications concerning the N50 stamp duty imposed on bank customers in Nigeria.
Nigeria: Banks Begin Charging of N50 levy for Bank Transactions
Director of Corporate Communications at the CBN, Mallam Ibrahim Mu’azu, said the levy is to be charged per transaction and not per volume of N1,000 as rumored. Hence, irrespective of the amount, the sum of N50 is to be charged provided such a transaction is N1000 and above.
According to him, the guidelines for the implementation of the Stamp Duty on bank transactions, which advised banks and other financial institutions operating in the country to commence the collection of N50, apply to eligible transactions only.
Such eligible transactions include all receipts given by a bank or financial institution in acknowledgment of services rendered in respect of teller deposits and electronic transfers for of the value of N1000 and above.
He also said that some exemptions specified in the scheduled to the Stamp Duty Act 2004 (under the caption “receipt”) include payments of salaries and wages, payments, deposits by self to self whether inter or intra bank among others.
Leaders
Nigeria: Banks Begin Charging of N50 levy for Bank Transactions
Director of Corporate Communications at the CBN, Mallam Ibrahim Mu’azu, said the levy is to be charged per transaction and not per volume of N1,000 as rumored. Hence, irrespective of the amount, the sum of N50 is to be charged provided such a transaction is N1000 and above.
According to him, the guidelines for the implementation of the Stamp Duty on bank transactions, which advised banks and other financial institutions operating in the country to commence the collection of N50, apply to eligible transactions only.
Such eligible transactions include all receipts given by a bank or financial institution in acknowledgment of services rendered in respect of teller deposits and electronic transfers for of the value of N1000 and above.
He also said that some exemptions specified in the scheduled to the Stamp Duty Act 2004 (under the caption “receipt”) include payments of salaries and wages, payments, deposits by self to self whether inter or intra bank among others.
Leaders
