“N50 Stamp Duty Is Per Transaction, Not Per N1000” – CBN Explains

Director, Corporate Communications CBN, Mallam Ibrahim Mu’azu, who said this in a statement, said it has become necessary to make the clarification following some misconceptions among members of the public.

According to him, the guidelines for the implementation of the Stamp Duty on bank transactions, which advised banks and other financial institutions operating in the country to commence the collection of N50, apply to eligible transactions only.

Such 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 of the value of N1000 and above.

He also said that some exemptions specified in the scheduled to the Stamp Duty Act 2004 (under the caption “receipt”) include payments of salaries and wages, payments, deposits by self to self whether inter or intra bank among others.

Mu’azu hinted that the implementation of the Stamp Duty at this point in time emanated from a federal high court order that the CBN should direct deposit money banks (DMBs) under its supervision to commence the collection of the duty on behalf of the federal government of Nigeria.