bank statement, the second was a debit alert of 50 Naira. Quite annoying, I complained bitterly. Someone heard my complaint and told me the 50 Naira was stamp duty.
Have noticed this 50 Naira debit? Are you angry like I was and wondering why the bank took away your precious 50 Naira, more especially now that the economy is bad? Well, worry less.
The 50 Naira withdrawn from your account is called STAMP DUTY. For every deposit you make, with a deposit slip over the counter or electronic transfer, the bank charges stamp duty of 50 Naira. So, if an amount is deposited into your account, the bank will debit 50 Naira from you. This means that if deposit is made into your account 5 times, the bank will debit 50 Naira 5 times from your account. If deposit is made to your account 10 times, the bank will also debit 50 Naira from your account 10 times and so on... The same thing happens when someone transfers money from his account to your account; you still pay 50 Naira for each transfer.
So what is this stamp duty and where did it come from?
Stamp duty is an amount of money paid all customers; individuals or a company on all receipts to show that a transaction or exchange has taken place. Stamp duty is not new in Nigeria. Do you remember those days when you buy postage stamps that have drawings of different animals which you must attach to your letters and receipts before they can be accepted? Yes it is the same postage stamp. The difference is that instead of buying the postage stamp to attach to your bank teller you are using to deposit money, the banks collects 50 Naira as stamp duty from your account as payment for that postage stamp you were supposed to buy. All banks collect this money and deposit them to the CBN for the government.
The funny thing is that this stamp duty has been passed into law since 2013 in the Stamp Duty Act, section 89(1), sanctioned under NIPOST, but banks were ignoring it. It was in January 2016 due to the shortage of oil money, (I stated in my previous post; Recommendations on how to grow the Naira 2) the CBN had to force all banks to start collecting the money for the government. So, don’t get angry with your bank, it's not for the bank, it’s for the federal government in a quest to save the economy. So the federal government collects 50 naira from all deposits all over Nigeria… Wow, so much money...
NOTE: Stamp duty is not charged on transactions with cheque book and bank draft, also transfers made by a person from his personal account to another account owned by the same person whether in the same bank or in another bank does not attract stamp duty. Any questions? lol....Comment below
Their business ooo. Mine is how to make more money.
ReplyDeleteAs in eh....
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