CBN Directs Banks To Commerce Collections of Stamp Duties  

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In compliance with the central bank of Nigeria’s directive on the Stamp Duties Act CAP 441 of LFN,1990 & Federal Government Regulations Act of 2009,  all money deposits banks in Nigeria will commerce the deduction of the charges going forward.

Amehnews recalled that CBN has directed that a Stamp duty charge of N50 be paid on every single deposit over N1,000 either by Teller or electronically to the Federal Government by the account holder for purposes of generates more money for federal government.

In keeping with the CBN directive, some banks will be collecting this charge on Thursday, 4 May 2017 for the period ofDec 1, 2016 – March 31, 2017, according to reliable source.

Reacting to this, Celestine Ukpong, a public analyst and estute investor said CBN is killing customers of money deposit banks gradually and very soon some will result to keeps their money at home to avoid multiple charges on their account, he added.

Ukpong pointed out that the same CBN introduced charges on deposit and withdral on customers of the banks some time ago couple with illegal small charges by banks. How do CBN waht customers to survive in banking affairs, he concluded.

Stamp duty is a tax that is levied on documents. Historically, this included the majority of legal documents such as cheques, receipts, military commissions, marriage licences and land transactions.

At the time of registration, you will also have to pay a stamp duty which is a government tax levied on property transactions. … Stamp duty is a legal taxpayable in full and acts as an evidence for any sale or purchase of a property.


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