30 results
- 13 Dec 2020
Court Declares Banks’ Stamp Duty Charges Illegal
A Federal High Court in Asaba has declared as unlawful, illegal, null and void the deduction of the sum of N50 as Stamp Duty charges from the accounts of commercial bank customers in the country. The…
- 28 Jun 2020
Access Bank to Refund Stamp Duty Charges to Customers
Access Bank has offered to reverse the stamp duty charges paid by its customers from February to April. It also said deductions made between Saturday and Sunday would be reversed to customers. In a…
- 11 Mar 2020
Banks Slam Charge Stamp Duty on Transactions above N10,000
Nigerian banks may have reintroduced the N50 stamp duty charges on electronic payments in the country despite the public outcries that have greeted the controversial charge. Some banks have already…
- 27 Apr 2017
Reps Ask NIPOST to Account for Stamp Duty Charges
House of Representatives Wednesday mandated the Committee on Telecommunications to liaise with the Nigerian Postal Service (NIPOST) to ascertain the total account collected so far as Stamp Duty…
- 3 May 2024
Banks to Charge 0.375 Percent Stamp Duty on Loans
Nigerian banks on Thursday announced that they will kick-start the implementation of the stamp duty charge of 0.375 per cent on loans backed by legal mortgages, shares, debentures or bonds. This is…
- 25 Nov 2019
Stamp Duty Charge on PoS Transactions As A Disincentive to Increased Penetration
The burden of handling cash by banks and merchants was becoming enormous that central bank of Nigeria conceived and began promoting electronic payment channels to ease the risk. There are several…
- 11 Aug 2022
FG Targets N484Bn from Stamp Duty Charges, Others
Federal government is set to make a total of N483.73bn in three years from electronic payment boom by way of the Electronic Money Transfer Levy, according to projection made by the Budget Office of…
- 12 Sept 2017
SBH Raises Alarm over Non-Remittance N20trillion Deducted as Stamp Duty
Stamp Duty charges on bank transactions believed to have yielded N20trillion have developed wings and School of Banking Honours (SBH) has raised alarm, according to Nation. Federal government through…
- 12 May 2020
Nigerians Cry out as Banks Deduct Stamp Duty on Transactions
Banks may have added to the worry of Nigerians who are already struggling to make out a living during the period of COVID-19 crisis as payment of stamp duty takes effect. The Finance Act, 2019…
- 7 Nov 2019
FG to Rake in N1.5Bn Monthly from Stamp Duty on PoS
Federal Government is to realise at least N1.5 billion monthly from the implementation of N50 stamp duty charges on transactions carried out via Point of Sales (PoS)) terminals. This is based…
- 11 Oct 2024
Court Orders CBN to Pay Kasmal N579Bn for Role in Stamp Duty
Justice Inyang Ekwo of the Federal High Court in Abuja has ordered the Central Bank of Nigeria (CBN) to pay Kasmal International Services N579,130,698,440 with 10 per cent interest per annum for its…
- 29 Mar 2016
FG to Net N2.5trn from Stamp Duties This Year
Federal government has projected an accrual in excess of N2.5 trillion from payment of Stamp Duties from the financial services industry in 2016 as outlined by the Central Bank of Nigeria. A…
- 24 Jan 2020
Confusion over Whereabouts N20 Trillion Raked in as Stamp Duty
Uba Sani, chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, has said that the over raked in as stamp duty is not with the Central Bank of Nigeria (CBN) as at December…
- 2 Jul 2020
FIRS Says Rent Agreement, C of O, Others Must Carry Stamp Duty
Federal Inland Revenue Service (FIRS) has said that henceforth, stamp duty will be paid on house rent and Certificate of Occupancy (C of O) in line with its new adhesive duty. Mr Abdullahi Ahmad,…
- 11 Dec 2019
Senate Asks CBN to Account for N20Trillion Collected as Stamp Duty
Senate has mandated its Committee on Finance to investigate the non-remittance of over N20 trillion into the Federation Account by Central Bank of Nigeria (CBN), an amount collected as stamp duties…
- 17 Mar 2021
FIRS Dismisses Pantami, Insists NIPOST Not Authorised to Collect Stamp Duty
Federal Inland Revenue Service (FIRS) has maintained that the collection of stamp duty collection in Nigeria was still under its purview. The agency described as false publications in some newspapers…
- 13 Nov 2025
Senate Seeks Full Disclosure in Probes Stamp Duty Collections
Senate has requested the Central Bank of Nigeria (CBN) and the Federal Inland Revenue Services (FIRS) to provide detailed information on revenue generated from Stamp Duty payments. Sen. Aliyu Wadada,…
- 12 Apr 2019
CBN, NIPOST Defrauding Nigerians with Stamp Duties- NECA
Nigeria Employers’ Consultative Association (NECA) has called on the federal government to impress on the Central Bank of Nigeria (CBN) and the Nigerian Postal Service (NIPOST), to respect valid…
- 31 Dec 2025
Banks to Impose N50 Stamp Duty on Transfers of N10,000 and Above from January 1
Commercial banks in Nigeria will begin charging a N50 stamp duty on electronic transfers of N10,000 and above starting January 1, 2026, in line with the newly enacted Tax Act. CBN The Electronic…
- 26 Sept 2017
Customers to Sue Banks over Stamp Duty Collections
Stakeholders have 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…
- 29 May 2020
FIRS Slams N50 Stamp Duty on ATM Printouts, Some WhatsApp Messages
Nigerians will now pay stamp duties on WhatsApp messages, SMS, and messages via any electronic platform acknowledging receipt of funds, according to Federal Inland Revenue Service (FIRS). Muhammad…
- 7 Jan 2013
Nipost’s N50 Stamp Duty on Bank Transaction Raises Dust
Nigerian Postal Service (Nipost) is introducing N50 stamp duty on every bank transaction that is above N1, 000 in move bound to raise some dusts. Already in the stock market, stockbrokers claim that…
- 6 Jan 2026
Senders Now to Pay N50 Stamp Duty – GT Bank
GTBank has reminded customers of the new stamp duty rules under the Nigeria Tax Act 2025, which take effect from January 1, 2026. According to an email received by a GT Bank customer on Tuesday,…
- 28 Jan 2016
FG to Generate N66.1Bn from Stamp Duty in 2016
Federal government is targeting additional N66.1 billion revenue in 2016 from an imposed stamp duty of N50 on bank customers for money received into their accounts. Mr Godwin Emefiele, Central Bank…
- 29 Oct 2019
Angst as CBN, NIBSS Slam N50 Charge on PoS Transactions
Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS) may have begun charging N50 for Point of Terminal (PoS) transactions with some angry Nigerians questioning the…
- 6 Aug 2018
NECA Asks FG to Stop Stamp Duty Deductions by Banks
Nigeria Employers’ Consultative Association (NECA) has again called on the Federal Government to compel commercial banks to discontinue the deduction of N50 as stamp duties from the accounts of…
- 20 Jan 2016
CBN to Enforce Stamp Duties Law on Financial Transactions
Nigeria will start enforcing its stamp duties law on financial transactions across commercial banks, the central bank said in a circular yesterday, in a bid to shore-up non-oil revenue and plug…
- 6 Aug 2026
Digital Assets Coalition Berates NRS Over Inconsistent Stamp Duty on Digital Assets
Nigeria’s $92 billion virtual asset market, built overwhelmingly by young Nigerians and now the largest in Sub-Saharan Africa, risks being driven offshore by the new Guidelines on the Taxation of…
- 20 Sept 2019
Customers to Pay More for PoS Transactions- CBN
Bank customers are to pay more for Point of Sale (PoS) transactions. This follows a Central Bank of Nigeria’s directive to banks to charge N50 Stamp Duty on individual transactions. This is…
- 25 Dec 2019
FG Stops N50 Charge on POS Transactions, Says It is Illegal
Federal Competition and Consumer Protection Commission (FCCPC) has stopped the additional N50 charge being imposed on transactions conducted on Point of Sale (POS) machines. This was made known in a…