CBN Imposes Stamp Duties On Savings Accounts

By Ikenga Chronicles January 3, 2017
The Central Bank Of Nigeria has concluded plans to extend the deduction of stamp duty on deposits made into current accounts to savings account. Recall that the CBN on January 15, 2016 directed all banks to deduct N50 naira from all deposits of N1000 and above into ‎current accounts in compliance with Stamp Duties Act 2004.
The CBN has imposed the development based on the the court order it received that the 22 banks in the country must remit N6 trillion to the Nigeria Postal Services through Kasmal International Service Limited.
The CBN had earlier exempted savings accounts, through a circular that stated “With immediate effect, all DMBS and other financial institutions shall commence the charging of N50 per eligible transaction in accordance with the provision of the Stamp Duties Act and the Federal Government Financial Regulations 2009; that is all receipt given by any bank or other financial institution in acknowledgement of services rendered in respect to electronic transfers and teller deposits from N1000 and above”
“For the avoidance of doubt, the following receipts are however exempted from the imposition of stamp duties‎; payment deposits or transfers by self to self, whether inter or intra bank; and any form of withdrawals/transfers from savings account”
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