Tuesday, 19 January 2016

Unbelievable! Banks Will Start Charging Customer ₦50 For Receiving Money Into Their Account

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
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.
“Other financial institutions shall remit their
Stamp Duty collections to any DMB of their
Source:- Vanguard

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