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/

This period no good for GT @ allll....


Abeg, who and who get account for Providus Bank?
Hmmmm....

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.

No Fcmb

This should be named scam duty and should be stopped. Unfortunately this government rarely brings out new policies.

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

vcente:
Stop this scam duty of thing though

its simply a way to tax the south for the benefit of the north

If they failed to remit it, then stop them from collecting it.... It's not rocket science nah

Chigold101:
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.

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.

Chigold101:
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.

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.

Our politicians are theives God will punish them in ten fold and their generation unborn

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.

That serves them right....awon ole buruku, always deducting money to without alert

fergie001:
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/

What is Stamp duty as it relates to the banking industry?

Can a financial analyst or banker explain to our understanding?

All this happening under d CBN governor nose...what an incompetent man as his appointee.

wink2015:


What is Stamp duty as it relates to the banking industry?

Can a financial analyst or banker explain to our understanding?

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.

youngsahito:
All this happening under d CBN governor nose...what an incompetent man as his appointee.

The present CBN Governor has been an apostle of free money to the banks.

Cut meat cut meat, na cow body.



Na we the customers dey suffer this thing oooo

Fine them heavily.

Yet they would deduct it from my account with immediate alacrity

Chigold101:
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.

GTBank not a profitable venture? ??


Do you know what you are talking about?

Welcome to Nigeria were everybody is a criminal.

VillagePipu:


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.

why bring tribalism into this?

VillagePipu:


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.

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

FG should forgive and forget as big Papa

VillagePipu:


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.

Thanks !

wink2015:


What is Stamp duty as it relates to the banking industry?

Can a financial analyst or banker explain to our understanding?

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.