FG to deduct #50 from our accounts whenever we receive money
The Federal Government has imposed a stamp duty of N50 on bank customers for money received into their accounts. This implies that every bank customer will henceforth pay N50 stamp duty for money received into their accounts through electronic transfer, cash and cheques. This directive was contained in a circular to all Deposit Money Banks and Other Financial institutions titled, "Collection and Remittance of statutory charges on receipts of Nigeria Postal Service under the Stamp Duties Act”. The circular in part reads “As part of efforts to boost its revenue base, the federal government of Nigeria is exploring revenue opportunities in the non-oil sectors especially taxes and rates. It is in recognition of this fact that banks and other financial institutions are enjoined to support government’s revenue drive through compliance with the provisions of the Stamp Duties Act, LFN 2004 as reinforced by the court judgement in Suit No FHC/L/CS/1710/2013. In this reg...