‘Stop Stamp Duty On Bank Transactions’

The Nigeria Employers Consultative Association (NECA) has urged the nation’s apex bank, Central Bank of Nigeria (CBN), to stop the collection of stamp duty on bank transactions by customers across the country.
A statement in Lagos last Monday signed by NECA Director General, Mr. Segun Oshinowo, said that  CBN needs to reverse its earlier  directives to all Deposit Money Banks (DMBs) to halt the charging and collection of N50 per eligible transaction by a customer in accordance,  with the  assumed  provisions of the Stamp Duties Act and Federal Government Financial Regulations (2009).
Oshinowo said that there has been a landmark ruling in respect of the  case at the Court of Appeal  on this subject matter between a company called Kasmal International Services Limited, Access Bank Plc  and 23 others where the court  declared the deductions illegal.
He urged  the CBN Management to comply without further delay by putting an end to further deductions and commence the refund  of all accrued deductions in the past to the  various customers.
It would be recalled that the CBN had few years ago directed banks in the country to commence what NECA described as illegal deductions which affected corporate bodies in Nigeria.
However, the organised businesses and MECA had opposed the attempt  by the Nigeria Postal Service (NIPOST) to compel companies and individuals to affix a N50 postal  stamp on all receipts, invoices and documents evidencing bank transaction above N1,000  across the country.