Banks are set to charge customers stamp duty on old foreign transactions between January 2021 to December 2023 by January 31, 2024.

This is according to a directive from the Federal Inland Revenue Service. Access Bank disclosed this in a recent letter to its customers.

According to the bank, the electronic money transfer levy was only applicable to accounts receiving electronic deposits of N10,000 and above or its equivalent; it however noted that starting from January 2024, the deduction would now extend to foreign currency inflows equivalent of N10,000 and above.

“We write to inform you of the Federal Inland Revenue Service notice to all banks, in line with the Finance Act 2020 and Stamp Act 2004, to remit the Federal Government Electronic Money Transfer Levy from foreign currency inflows,” the bank said.
https://punchng.com/banks-to-collect-stamp-duty-on-foreign-transactions/