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Nairaland Forum / Nairaland / General / Business / Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts (8600 Views)
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Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by Nobody: 4:51pm On Sep 25, 2017 |
A number of banking industry stakeholders have openly called on the Central Bank of Nigeria (CBN) to withdraw its circular mandating banks to collect stamp duties from customers’ bank accounts, stressing that such directive and practice is unconstitutional. According to them, if the practice of deducting stamp duties from customers’ bank accounts is not suspended, it is expected that other stakeholders would challenge the banks in court, on a case by case basis. Thus, the impending legal suits that would emanate as a result are likely to disrupt the activities of banks and result to additional legal costs, they warned. Stakeholders at various occasions have also charged deposit money banks to suspend the practice of collecting stamp duties on receipts for deposits and transfers by customers. The Stamp Duties Act (SDA), Chapter S8, Laws of the Federation of Nigeria (LFN) 2004 (SDA) provides the legal basis for the imposition and collection of stamp duties in Nigeria. A tax audit and financial advisory services firm, Deloitte, in a document titled: “Stamp Duties on Bank Deposits and Transfers: Are There Unresolved Issues?” and obtained by Tribune Online stated that, stamp duties are chargeable on all instruments relating to matters executed between a company and individual, group or body of individuals and those executed between persons or individuals. The instruments the firm noted, upon which stamp duties are chargeable include bond, bill of exchange, promissory note, covenant, conveyance on sale, lease, mortgage, among others. This general rule according to the tax experts did not include receipts for transfer to self, transfers from savings accounts and receipts in respect of salaries and wages, yet, further to a statement issued by CBN on 21 January 2016 banks have continued to deduct these duties. SOURCE: https://brandspurng.com/banks-risk-legal-suits-for-deducting-stamp-duties-from-customers-accounts/ 2 Likes
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Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by rodeo0070(m): 6:12am On Sep 26, 2017 |
Stamp duties kwa! |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by froz(m): 7:11am On Sep 26, 2017 |
This is serious. |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by peteredo: 7:34am On Sep 26, 2017 |
: ![]() |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by frankwells(f): 7:34am On Sep 26, 2017 |
Naija |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by effty(m): 7:34am On Sep 26, 2017 |
Bank charges dey kill. 2 Likes 1 Share |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by donkenny(m): 7:35am On Sep 26, 2017 |
Nigeria banks are all scam 8 Likes |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by Horlami3370: 7:36am On Sep 26, 2017 |
Stupid people |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by olatwo(m): 7:38am On Sep 26, 2017 |
. |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by Maziebuka01(m): 7:38am On Sep 26, 2017 |
Where is my lawyer 1 Like |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by lagoslandlord(m): 7:39am On Sep 26, 2017 |
Interesting.. banks and charges... |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by alizma: 7:39am On Sep 26, 2017 |
if there is any case here, I think is a case against charges on transfer from one account to another of the same person. 2 Likes |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by loadedvibes: 7:42am On Sep 26, 2017 |
This CBN governor is like the worst. Buhari o 2 Likes |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by BiggieSmallsVI: 7:43am On Sep 26, 2017 |
They keep speaking different English when deducting the money so you don't exactly know what the deductions are for. That's why the average Nigerian youth is now a scammer . They got the idea from these kind of fold 5 Likes |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by PotatoSalad(m): 7:49am On Sep 26, 2017 |
withdraw? what about my over 6k stamp duty charges? let them leave other banks and Sue the shii out of diamond bank. That bank will charge you for charging you money for alerts. thieves 5 Likes |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by EchezonaI(m): 7:51am On Sep 26, 2017 |
Whenever I get an alert from DBN with "STAMP DUTY" title, almost every month, e dey pain me too much cos it shouldn't be. 1 Like |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by miniziter(m): 7:54am On Sep 26, 2017 |
Look at what first bank did to me for several failed transfers. 7 Likes 1 Share
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Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by AdeniyiA(m): 7:56am On Sep 26, 2017 |
Fraudulent banks aided by federal oppressive policies ![]() |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by AdeniyiA(m): 7:56am On Sep 26, 2017 |
Diamond Bank is guilty of this... very terrible the way they cleared my account ... 4 Likes |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by udumosam23(m): 7:57am On Sep 26, 2017 |
I stopped using my account when i realised that for every money posted into it even from sales pos attracts a 50 naira stamp duty, they charged me like 5000 in one week. Guy i got to flee for my life. 4 Likes
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Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by AdeniyiA(m): 8:00am On Sep 26, 2017 |
miniziter:I think these are just the inter bank charges |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by RZArecta(m): 8:02am On Sep 26, 2017 |
The Buhari and APC led junta are utterly clueless on how to run this nation, problem being that while Buhari is an ídiot, he refused to put round pegs in round holes to move this country forward. This is economic terrorism and he should be impeached and arrested immediately ![]() 1 Like |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by itiswellandwell: 8:03am On Sep 26, 2017 |
Good |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by mathy2p2: 8:03am On Sep 26, 2017 |
Is bank now a charity organisation, COT out, evrrytin out.. What will banks use to pay their staff cause ? Not fair ooooo |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by stano2(m): 8:04am On Sep 26, 2017 |
more news on the ultra modern thieves 1 Like |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by Nobody: 8:08am On Sep 26, 2017 |
froz: fcmb are the worst, ontop say na savings account i dey use, everytime my account is credited, 50naira must go down join the alert. I had to run for my life b4 they send me go village. 2 Likes |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by adedayo2000: 8:10am On Sep 26, 2017 |
Nice move from CBN Cause diamond bank we just debit you @mid nite for Yeye stamp duty charge 5 Likes |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by asahnwaKC: 8:17am On Sep 26, 2017 |
Too much charges... Fidelity Bank is worst.. Stamp charge now #150 ...it's crazy. |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by habex005(m): 8:24am On Sep 26, 2017 |
diamond bank must hear this.... 6 Likes |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by 2shure: 8:29am On Sep 26, 2017 |
Everything in naija Remains a scam We should change our country name from Nigeria to Scam(home based and away) 1 Like |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by allanphash7(m): 8:29am On Sep 26, 2017 |
Access bank is a big time morafuccker |
Re: Banks Risk Legal Suits For Deducting Stamp Duties From Customers’ Accounts by Ivanmykel(f): 8:33am On Sep 26, 2017 |
Zenith bank doesn't deduct anything for stamp duty, just alert charges once in a while. They should sue Diamond bank coz they are thieves, had to close my account with them and they don beg tire. I'm not doing again joor ![]() 6 Likes |
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