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Banks to collect stamp duty on foreign transactions

Posted: January 1st, 2024, 11:36 am
by CarolinaBaby1
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-st ... nsactions/

Banks to collect stamp duty on foreign transactions

Posted: January 1st, 2024, 11:43 am
by Jared
All these charges. Hmmm :sleep:

Banks to collect stamp duty on foreign transactions

Posted: January 1st, 2024, 12:33 pm
by Ernest
Zenith bank will do worst

Banks to collect stamp duty on foreign transactions

Posted: January 1st, 2024, 8:23 pm
by YoungA
Ernest wrote: January 1st, 2024, 12:33 pm Zenith bank will do worst
. :laughs:

Banks to collect stamp duty on foreign transactions

Posted: January 1st, 2024, 8:44 pm
by Kachy
Ernest wrote: January 1st, 2024, 12:33 pm Zenith bank will do worst
That bank... :angry:

Banks to collect stamp duty on foreign transactions

Posted: January 1st, 2024, 8:50 pm
by CarolinaBaby1
Kachy wrote: January 1st, 2024, 8:44 pm
Ernest wrote: January 1st, 2024, 12:33 pm Zenith bank will do worst
That bank... :angry:

😂😂😂
All Nigerian banks are scary 😅

Banks to collect stamp duty on foreign transactions

Posted: January 2nd, 2024, 12:29 am
by Ernest
CarolinaBaby1 wrote: January 1st, 2024, 8:50 pm
Kachy wrote: January 1st, 2024, 8:44 pm
Ernest wrote: January 1st, 2024, 12:33 pm Zenith bank will do worst
That bank... :angry:

😂😂😂
All Nigerian banks are scary 😅
yes

Banks to collect stamp duty on foreign transactions

Posted: January 2nd, 2024, 8:01 pm
by GeniusLei
Is the local one not enough 😜