As expected, many Nigerians have expressed their dissatisfaction on the announcement by CBN instructing all DMBs (Deposit Money Banks) in the country to place a N50 charge on every transaction from N1,000.

In order to avoid any further confusion, here is what you need to know about the CBN’s N50 stamp duty:

1. It is an Act that was passed into law called the Stamp Duties Act 2004 and Federal Government Financial Regulations 2009, but now being implemented in 2016.

2. The Stamp Duty charge is not being imposed by the Banks, but by the Federal government through the CBN.

3. The imposition of the Stamp Duties Act at this time is to enhance the governments revenue generation drive which has become necessary due to the fall in global oil prices.

4. All receipts, whether Cash or Electronic transfers from N1000 and above into a Current account is eligible and will be charged N50 stamp duty.

5. Only Current accounts are eligible to be charged Stamp Duty on all receipts.

6. The following receipts are exempted from the imposition of Stamp Duty:

a. Deposits or Transfers made by SELF into another account in the same bank and/or other banks.
b. Any Transfers into a Savings account.
c. Any Withdrawals from a Savings account.

7. The Stamp Duty is charged only to the receiving account i.e. the account receiving the money.

8. The N50 Stamp Duty will be charged per transaction and not per volume; that is any transactions from N1,000 and above.

9. The monies collected does not belong to the Banks, but the Federal Government. The Banks are only a channel for collecting and remitting the money to the Federal Government.

10. Under the schedule to the Stamp Duty Act 2004, other exemptions specified includes payments of salaries and wages etc.



SOURCE: http://olaitankolawole.com/10-important-things-you-need-to-know-about-the-new-n50-stamp-duty/

cc lalasticlala, do the needful

Rubbish!!!

xpac01:
Rubbish!!!

Lol

This is front page material. Very educative. Am sure many Nigerians don't even know how this affects them.

cc lalasticlala front page oooo.

New means of legal extortion

Watin concern agbero plus overload

Crap !







I repeat CRAP

mtchew

I keep asking myself whats d need? the revenues generated is to be used for what exactly? in Nigeria political office holders fund their elections comfortably, while self funding in advanced countries like USA can only be done by billionaires such as Donald trump. it's obvious the country's focus is mostly on overheads (paying themselves)

Thanks for the info.

I see!

Very educative

Thanks for the detailed explanation OP. Now, a layman can understand.

Legit stealing..
Waiting for the act that legalised the increment of vat from 5% to 10%

i no kuku get current account......,until then no 50naira stamp duty 4 me

j
thanks op for this .....the charge dies not effect we masses as though .

.Biz men will suffer it more. if I transfer into your current account expect to pay #50 o. me have only one current account with stanbic and na salary account my 3 other banks na saving so Im safe.. lol

Nigerians wants everything for free.

Thanks to the OP for the info.Much obliged.

Buhari has got to deliver fast...... Or else .......



Imagine collecting N50 from about 10,000,000 current accounts transactions monthly, that's additional IGR.


Which way Naija.






I'm getting Richer sha regardless of Naija's economy.

.

Is there still any need to pay tax after paying stamp duty

remigiusizunna:
New means of legal extortion

The issue is.....we are not earning money from oil.....so we have tolook for alterante sources of funding.

Modified.....I am really amused by some of the comments calling this extortion.Well.....here are some facts.

1.When the law was being processed in the National Assembly.....you Nigerians were busy with your videos of the latest scandal to pay attention.

2.Oil is our only source of revenue.The price has fallen. Meanwhile....you people want govt to continue feeding you....without paying. How can?

Nice one

Chai! Owu don blow our government, sote dem don turn agbero wey dey collect 50naira

Well done OP

Nice info.
To generate revenue for our TOURIST-IN-COMMAND

xpac01:
Rubbish!!!

allanphash7:
Crap !


I repeat CRAP

There is no free lunch.

You guys should now put pressure on Buhari to do the wise thing....and increase spending on power generation and railways....so that we can eventually forget about oil.

Right now...we have to face austerity.Four years ago.....it did not matter when oil was at $112 per barrel. Now it is at $30 per barrel....it matters a lot.

Unless you guys have alternatives for the govt to raise money.

Thieves!
Government too is collecting egunje!

I read this to mom c She said 'Mo yi ma lo shut down current account mi yenOshi!'