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Salary accounts exempted from N50 stamp duty

22 January 2016, 21:37

Abuja - The Central Bank of Nigeria (CBN) has exempted salaries payment s as well as payments and deposits for self-to-self transactions whether inter or intra bank from the N50 stamp duty policy, PM news reports.

Ibrahim Mu’azu, CBN Director, Corporate Communications, made the clarification on Thursday in Abuja in a statement issued to newsmen.

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.

Also read: CBN directs banks to enforce N50 stamp duties on transactions

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 CBN said the charges are only payable by receiving accounts and urged banks and financial institutions to support government drive to boost revenue base, in view of the gross fall in oil income.

Read more at PM news

- News 24

Tags cbn nigeria

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