The Central Bank of Nigeria, CBN on Thursday in Abuja, made clarifications to its directive of N50 deductions on bank transactions of N1000 and above.
The Director, Corporate Communications of Central Bank of Nigeria, Mallam Ibrahim Mu’azu said in a press release that salaries and wages as well as payments and deposits for self-to-self transactions whether inter or intra bank are exempted from the N50 stamp duty policy.
News Agency of Nigeria, NAN reports that the CBN recently introduced the policy which was contained in the Stamp Duty Act of 2004 and the Federal Government of Nigeria's Financial Regulation of 2009 as part of measures to boost government revenue through taxation.
According to the press release, all receipts issued by banks and other financial institutions for services rendered in terms of teller deposits and money transfers of N1000 and above are subject to the N50 stamp duty charge.
"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.
"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.
"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.’’
NAN
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