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N50 Stamp Duty: ‘Salary accounts not covered’

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Against popular outcry over the introduction of the N50 stamp duty of deposits, the Central Bank of Nigeria, Friday, explained that payments of salaries and wages as well as payments and deposits for self-to-self transactions whether inter or intra bank are exempted from the policy.

This was stated in Abuja by the CBN’s Director of Corporate Communications, Mallam Ibrahim Mu’azu, in a statement.

According to the statement, the charge was on all receipts issued by banks or financial institutions in acknowledgment of services rendered in respect of teller deposits and electronic transfers for a value of N1,000 and above.

Read also: Nigerians lambast FG over N50 tax on N1000 deposits

The statement read in part: “The implementation of the Stamp Duty at this point in time emanated from a Federal High Court order that the CBN should direct deposit money banks under its supervision to commence the collection of the duty on behalf of the federal government.

“Consequently, the money deposit banks have been directed to commence the collection of the duty.

“Banks are to collect the N50 stamp duty and remit same to the Nigerian Postal Services (NIPOST) on behalf of the customer.

“The N50 stamp duty is charged per transaction and NOT per volume. Hence, irrespective of the amount, the sum of N50 is to be charged provided such a transaction is N1,000 and above.

“There are however some exemptions and these include payments of salaries and wages, payments and deposits for self-to-self transactions whether inter or intra bank among others.”

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