THE Federal Government through the Central Bank of Nigeria, on Tuesday, imposed stamp duty of N50 on bank customers for money received into their accounts. You may like to learn more about the imposed Stamp Duty Charges here, but the essence of this post is to avert the annoying charges.
Here is what you need to know about the CBN’s N50 stamp duty:
This announcement affects only current account holders and not savings account holders.
It does not affect salary accounts or student savings accounts.
The new policy includes all receipts by a bank or financial institution in acknowledgement of services rendered, in respect of teller deposits and electronic transfers for the value of N1000 and above.
The policy complies with the provisions of the Stamp Duty Act 2004 and the Federal Government of Nigeria’s (FGN) Financial Regulation of 2009.
The N50 stamp duty will be charged per transaction and not per volume that is from N1,000 and above.
Under the schedule to the Stamp Duty Act 2004, some exemptions specified includes payments of salaries and wages, payments, deposits, or self-to-self transactions, whether inter or intra bank… Mundus
How Do You Prevent Stamp Duty Charges?
Now you are talking. Remember, as stated in the stamp duty terms, it is a duty placed on any amount that goes into your account and does not affect self-to-self transactions. Now the only way to prevent this charges is by ensuring that you make the depositor be “self”
Again: To evade this tax, ask the person that wants to pay to write “self”, likewise if you are paying in money to your account write “self”.
While making deposits on your account, in the place of the depositor, ensure you write “self”. By this doing, the amount will be considered to be yours. This can also be applied to another one paying into the account.
Meanwhile, Nigerians are advised to Prepare for a sudden revolution, because this people don’t care about us, they want to rip us off!
Share if you care, but let the source be me…
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