Banks to Charge N50 as Stamp Duties Fee on receiving bank accounts

   

   Every bank customer will henceforth pay N50 as stamp duty fee for money received into their accounts through electronic transfer, cash and cheques.

    In a circular posted on CBN site yesterday titled: “Collection and Remittance of Statutory Charges on Receipt to Nigeria Postal Service (NIPOST) Under the Stamp Duties Act,” The fee would be charged on all receipts given by any bank or other financial institution in acknowledgement of services rendered in respect of electronic transfer and other teller deposits from N1,000 and above.

  This goes in line with the federal government’s drive to shore up non-oil revenue as the Apex Bank directs commercial banks as well as other financial institutions under its regulation, to commence charging N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act and the Federal Government Financial Regulations 2009.

  The Circular as posted reads;

      “As part of efforts to boost its revenue base, the federal government of Nigeria is exploring revenue opportunities in the non-oil sectors especially taxes and rates. It is in recognition of this fact that banks and other financial institutions are enjoined to support government’s revenue drive through compliance with the provisions of the Stamp Duties Act, LFN 2004 as reinforced by the court judgement in Suit No FHC/L/CS/1710/2013. 

   In this regard, the CBN pursuant to the provisions of its enabling laws, hereby issues this circular to all DMBs other financial institutions: With immediate effect, all DMBs and other financial institutions shall commence the charging of N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act and Federal Government Financial Regulations 2009, that is, all receipts given by any bank or other financial institution in acknowledgment of services rendered in respect of electronic transfer and teller deposits from N1, 000 and above; For all avoidance of doubt the following receipts are however exempted from imposition of stamp duties: payments of deposits or transfer by self to self whether inter or intra bank; and any form of withdrawals/transfers from saving accounts; It should be noted that these charges are only payable by receiving accounts; Each DMB shall open an account designated as NIPOST Stamp Duties Account into which all charges collected shall be paid. The balances in such accounts shall be transferred monthly by the DMBs to CBN NIPOST Stamp Duty Collection Account No. 3000047517; Other financial institutions shall remit their Stamp Duty collections to any DMB of their choice”.