STAMP DUTIES ON LODGEMENT TO BANK ACCOUNTS
06 January 2016
The Central Bank of Nigeria (CBN) has issued a Circular to All Deposit Banks (DMBs) and Financial Institutions to charge N50 Stamp Duties on lodgement of N1,000.00 (One Thousand Naira Only) and above to bank accounts (excluding Savings Account) in accordance with the Provisions of the Stamp Duties Act, LFN 2004. The stamp duties is to be borne by the receiving accounts.
However, the imposition excludes payment deposits or transfers by self to self whether within accounts in the same bank or from one bank to another.
The Central Bank of Nigeria (CBN) has issued a Circular to All Deposit Banks (DMBs) and Financial Institutions to charge N50 Stamp Duties on lodgement of N1,000.00 (One Thousand Naira Only) and above to bank accounts (excluding Savings Account) in accordance with the Provisions of the Stamp Duties Act, LFN 2004. The stamp duties is to be borne by the receiving accounts.
However, the imposition excludes payment deposits or transfers by self to self whether within accounts in the same bank or from one bank to another.