Here’s what you need to know about the new CBN N50 stamp duty
The fall in global oil prices has affected Nigeria in numerous ways and, in a bid to save the currency and the country’s revenue generation, several stringent measures have been put in place by the Central Bank of Nigeria (CBN). Recently, the CBN announced the implementation of a N50 stamp duty on every transaction starting from N1,000.
As expected, some Nigerians have expressed their dissatisfaction on the announcement instructing all Deposit Money Banks in the country to place a N50 charge on every transaction from N1,000.
In order to avoid any further confusion, here is what you need to know about the CBN’s N50 stamp duty:
- This announcement affects only current account holders and not savings account holders.
- It does not affect salary accounts or student savings accounts.
- The new policy includes all receipts by a bank or financial institution in acknowledgement of services rendered, in respect of teller deposits and electronic transfers for the value of N1000 and above.
- The policy complies with the provisions of the Stamp Duty Act 2004 and the Federal Government of Nigeria’s (FGN) Financial Regulation of 2009.
- The N50 stamp duty will be charged per transaction and not per volume that is from N1,000 and above.
- Under the schedule to the Stamp Duty Act 2004, some exemptions specified includes payments of salaries and wages, payments, deposits, or self-to-self transactions, whether inter or intra bank.
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