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Nairaland Forum / Nairaland / General / Investment / Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps (7669 Views)
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Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by fergie001: 8:35pm On May 23, 2019 |
The House of Representatives has recommended that 16 commercial banks be penalised for not remitting N1.6 billion stamp duties into the federation account. The House made the recommendation on Thursday when it adopted a report on non-remittance of trillions of naira of stamp duties by financial institutions into the federation account. The report was presented at the Committee of the Whole by Rep. Abubakar Ahmad (APC- Adamawa) on Thursday in Abuja. The report was by an ad hoc committee of the house saddled with the responsibility of carrying out the investigation. The report recommended that the financial institutions be penalised and be made to pay, with interests, the amounts under remitted for the period under review. According to the report, the banks indicted and the amount under remitted are – Guarantee Trust Bank: N198,326,300, Standard Chartered Bank: N3,658,193, Citi Bank: N1,860,850 and Standard IBTC: N231,094,565 other banks are Zenith Bank: N265,635,650, Providus Bank: N646,650, Fidelity Bank: N32,888,400, Keystone Bank: N24,471,050 and UBA: N81,087,149. “ECO Bank: N78,527,004, Diamond Bank (Now Access Bank): N545,873,950, Unity Bank: N40,099,100 and Jaiz Bank: N2,436,150 “Access Bank: N66,092,350, Skye Bank: N11,057,700 and Polaris Bank: N2,907,550,” the report said. It stated that all banks that were found not to have made full disclosure on stamp duty collections and remittances should be further investigated. (NAN) https://punchng.com/stamp-duty-16-commercial-banks-fail-to-remit-n1-6bn-to-fg-reps/
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Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by fergie001: 8:38pm On May 23, 2019 |
This period no good for GT @ allll.... Abeg, who and who get account for Providus Bank? Hmmmm.... 5 Likes 1 Share |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by Chigold101(m): 7:59am On May 24, 2019 |
Okay... GTB is Just making news from the wrong side of the law everyday these days. They are yet to come clean from their case with Innoson and now they are about going down with the Federal Government... I just the pity their shareholders and those that bank with them. Because GTBank doesn't sound like a profitable venture now. 2 Likes |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by Nobody: 7:59am On May 24, 2019 |
2 Likes |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by kollinz1234(m): 8:01am On May 24, 2019 |
No Fcmb ![]() ![]() ![]() ![]() |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by vcente(m): 8:01am On May 24, 2019 |
This should be named scam duty and should be stopped. Unfortunately this government rarely brings out new policies. 2 Likes |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by fecta: 8:02am On May 24, 2019 |
I am sorry. I saved space in a useless thread please someone should call a mod to remove this space, I thought it was a Tonto or Regina Daniels thread
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Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by chiedu7: 8:03am On May 24, 2019 |
vcente: its simply a way to tax the south for the benefit of the north |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by bareal(m): 8:04am On May 24, 2019 |
If they failed to remit it, then stop them from collecting it.... It's not rocket science nah |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by VillagePipu: 8:04am On May 24, 2019 |
Chigold101: But Diamond Bank that failed to remit more than 500M is a profitable venture? Or it's only Gtb you saw, you didn't see Fidelity owned by Obi na China there? StanChart also failed to remit and I bet you can't afford to have an account there. All these gala and fan yogo analysis these days just taya person. 8 Likes |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by imam07: 8:05am On May 24, 2019 |
Chigold101:So it's not only Buhari your problem again. Gtb too has become your problem. It will takes years for your problem to be solved be dat. 3 Likes |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by axeman2(m): 8:05am On May 24, 2019 |
Our politicians are theives God will punish them in ten fold and their generation unborn 1 Like |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by kalvoken(m): 8:06am On May 24, 2019 |
Did you notice diamond bank's figure? It doubles every other banks. Diamond bank is nothing but a legal armed robber. They debit me for every thing I do. Wether I am receiving Or sending money, diamond charge me for stamp duty MY ACCOUNT WITH THEM IS NIT EVEN CURRENT ACCOUNT OR SAVINGS EXTRA. Its a normal savings. But they charge me #4 for every transaction on my account. If I wasn't using their mobile app, there's no way I would have known. They don't alert you for those kinds of charge. 1 Like |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by goshen26: 8:07am On May 24, 2019 |
That serves them right....awon ole buruku, always deducting money to without alert |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by wink2015(m): 8:08am On May 24, 2019 |
fergie001: What is Stamp duty as it relates to the banking industry? Can a financial analyst or banker explain to our understanding? |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by youngsahito(m): 8:09am On May 24, 2019 |
All this happening under d CBN governor nose...what an incompetent man as his appointee. 1 Like |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by VillagePipu: 8:11am On May 24, 2019 |
wink2015: When you perform financial transactions, legal instruments of transfer are supposed to be stamped (the way they affixed postage stamps on receipts in the past). To modernise things, banks were authorised to act as collecting agents on behalf of the FG by charging customers and remitting to the FG. That's why you have that N2.50 paid after effecting Bank transfers. 4 Likes |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by VillagePipu: 8:13am On May 24, 2019 |
youngsahito: The present CBN Governor has been an apostle of free money to the banks. |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by lonelydora: 8:13am On May 24, 2019 |
Cut meat cut meat, na cow body. Na we the customers dey suffer this thing oooo 1 Like |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by tomdon(m): 8:15am On May 24, 2019 |
Fine them heavily. |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by JubrinElSudan: 8:16am On May 24, 2019 |
Is Fidelity Bank among? They can't be deducting the money from my current account and not remit it. I will sue them myself ![]() 1 Like |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by sirusX(m): 8:18am On May 24, 2019 |
Yet they would deduct it from my account with immediate alacrity ![]() 1 Like |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by Ugosample(m): 8:19am On May 24, 2019 |
Chigold101: GTBank not a profitable venture? ![]() ![]() Do you know what you are talking about? |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by kaen1317: 8:20am On May 24, 2019 |
Welcome to Nigeria were everybody is a criminal. |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by Ugosample(m): 8:20am On May 24, 2019 |
VillagePipu: why bring tribalism into this? 1 Like |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by BabaIbo: 8:28am On May 24, 2019 |
VillagePipu: Are you sure you're OK? Do you know if he is a GTBank customer? What concerns GTBank customer with other banks news, when it doesn't affect his money in GTBank. Always be diverse in your reasoning 1 Like |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by Nobody: 8:32am On May 24, 2019 |
FG should forgive and forget as big Papa ![]() |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by wink2015(m): 8:33am On May 24, 2019 |
VillagePipu: Thanks ! |
Re: Stamp Duty: 16 Commercial Banks Fail To Remit N1.6bn To FG - Reps by MAYOWAAK: 8:42am On May 24, 2019 |
wink2015: Stamp Duty are levies on Receipted Transactions. Receipted Transactions are any deposits (cash or electronic)above N1,000 made to an account other than a savings account.However,there is an exemption; deposit made by self to self is exempted. The levy (stamp duty) is a flat charge of N50 on any deposit N1,000. 1 Like |
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