The Central Bank of Nigeria, CBN, following the N50 Stamp Duty policy, has said payments of salaries and wages as well as payments and deposits for self-to-self transactions whether inter or intra bank are exempted.
DAILY POST recalls that the Federal Government had on Tuesday, imposed stamp duty of N50 on bank customers for money received into their accounts, a development which implied that bank customers will henceforth pay N50 stamp duty for money received into their accounts via electronic transfer, cash and cheques.
Malam Ibrahim Mu’azu, CBN Director, Corporate Communications, made the clarification on Thursday in Abuja in a statement issued to newsmen.
The statement said that charge was on all receipts issued by banks or financial institutions in acknowledgment of services rendered in respect of teller deposits and electronic transfers for a value of N1,000 and above.
“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 under its supervision to commence the collection of the duty on behalf of the federal government.
“Consequently, the money deposit banks have been directed to commence the collection of the duty.
“Banks are to collect the N50 stamp duty and remit same to the Nigerian Postal Services (NIPOST) on behalf of the customer.
“There are however some exemptions and these include payments of salaries and wages, payments and deposits for self-to-self transactions whether inter or intra bank among others.
“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,” the statement added.
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