CBN Says That Salaries Not Affected By New Stamp Duty Policy

The Central bank of Nigeria, CBN, on Thursday provided clarifications on services affected by the newly introduced stamp duty imposed on customers in bank transactions.


The director, Corporate Communications of CBN, Ibrahim Mu’azu, said transactions affected by the new policy include all receipts by a bank or financial institution in acknowledgment of services rendered in respect of teller deposits and electronic transfers for the value of N1000 and above.

By implication, N50 duty is to be imposed on all bank transactions, irrespective of the amount, provided such a transaction is N1000 and above.
However, Mr. Mu’azu said some exemptions specified under the schedule to the Stamp Duty Act 2004 (under the caption “receipt”) included payments of salaries and wages, payments, deposits, or self-to-self transactions, whether inter or intra bank, among others.


Following the publication of the guidelines for the implementation of the Stamp Duty bank transactions, it has become necessary to explain some misconceptions among members of the public..


The director explained the implementation of the Stamp Duty policy at this point followed a federal high court order demanding the CBN to direct deposit money banks (DMBs) under its supervision to commence the collection of the duty on behalf of the federal government of Nigeria.


The policy, he explained, was in compliance with the provisions of the Stamp Duty Act 2004 and the Federal Government of Nigeria (FGN) Financial Regulation of 2009.


Consequently, he said the CBN has directed the DMBs to commence immediate collection of the N50 stamp duty by banks and remit same to the Nigerian Postal Services (NIPOST) on behalf of the customer.
Also covered by the N50 stamp duty was charged per transaction and NOT per volume.“Irrespective of the amount, the sum of N50 is to be charged provided such a transaction is N1000 and above.


culled:premiumtimes