Here are six things to know about the recently introduced N50 stamp duty on bank transactions which people have been talking about.
1) The Central Bank of Nigeria (CBN) has instructed all deposit banks (DMBs) and financial institutions operating in the country to begin placing a N50 charge on every bank deposit of 1000 and above.
2) This new charge is in accordance with the provision of the Stamp Duties Act and Federal Government Financial Regulations 2009.
3) Banks will now charge N50 for every transaction of N1,000 and above transferred into an account either electronically or through a bank teller.
4) 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 the value of N1,000 and above.
5) The new stamp duty excludes payment deposits or transfers made by self to self whether inter or intra bank and any form of withdrawal from savings accounts. Also, these charges are only payable by receiving accounts.
6) The N50 stamp duty is charged per transaction and not per volume. Hence, irrespective of the amount, the sum of N50 is to be charged provided such a transaction is N1,000 and above.