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/

Stamp duties kwa!

This is serious.

:

Naija

Bank charges dey kill.

Nigeria banks are all scam

Stupid people

.

Where is my lawyer

Interesting.. banks and charges...

if there is any case here, I think is a case against charges on transfer from one account to another of the same person.

This CBN governor is like the worst. Buhari o

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

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

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.

Look at what first bank did to me for several failed transfers.

Fraudulent banks aided by federal oppressive policies

Diamond Bank is guilty of this... very terrible the way they cleared my account ...

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.

miniziter:
Loot at what first bank did to me for several failed transfers.

I think these are just the inter bank charges

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

Good

Is bank now a charity organisation, COT out, evrrytin out.. What will banks use to pay their staff cause ? Not fair ooooo

more news on the ultra modern thieves

froz:
This is serious.

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.

Nice move from CBN
Cause diamond bank we just debit you @mid nite for Yeye stamp duty charge

Too much charges... Fidelity Bank is worst.. Stamp charge now #150 ...it's crazy.

diamond bank must hear this....

Everything in naija
Remains a scam
We should change our country name from Nigeria to Scam(home based and away)

Access bank is a big time morafuccker

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