Reps. Approve Amendment Of 2004 Stamp Duty Act

By Ikenga Chronicles January 2, 2018

Reps. Approve Amendment Of 2004 Stamp Duty Act

The House of Representatives has approved the amendment and repealing of the 2004 Stamp Duty Act by passing a new Stamp Duty Bill.

The content of the Bill approved the deduction of N50 from deposits into accounts with Deposit Money Banks across the country using electronic platforms and raised the bar for the collection of stamp duty on bank deposits from N1,000 to N3,000.

This new Bill seeks to address the controversies that arose as a result of the now defunct 2006 Stamp Duty Bill and also legalize what has been collected as stamp duty by the DMBs since January 2016.

It also seeks to legitimise the recent inclusion of savings accounts as eligible for the imposition of stamp duty as the CBN had in its memo on the matter excluded savings accounts for stamp duty collection.

Punch reports that the only accounts that were exempted in the new bill were children education accounts.