THE Federal Government through the Central Bank of
Nigeria, on Tuesday, imposed stamp duty of N50 on bank
customers for money received into their accounts.
Consequently, bank customers will henceforth pay N50
stamp duty for money received into their accounts via
electronic transfer, cash and cheques.
This order was contained in a circular to all Deposit Money
Banks and Other Financial institutions titled, Collection and
Remittance of statutory charges on receipts of Nigeria
Postal Service under the Stamp Duties Act”.
The CBN stated, “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.”
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