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N50 stamp duty bill through with Reps

*Children education accounts excluded

By Sandra Onyekwere

House of Representatives has approved the deduction of N50 Stamp Duty fee from deposits into accounts with Deposit Money Banks across the country using electronic platforms.

This was effected in the new Stamp Duty Bill, which was passed to amend and repeal the 2004 Stamp Duty Act.

The new bill seeks not only to remove some ambiguities contained in the original Act, but also to legitimise what has been collected as stamp duty by the DMBs since January 2016.

It also seeks to back the recent inclusion of savings accounts as eligible for imposition of stamp duty as the Central Bank of Nigeria (CBN) had in its memo on the matter excluded savings accounts for stamp duty collection.

The new bill also raised the bar for the collection of stamp duty on bank deposits from N1,000 to N3,000. However, www.gongnews.net can report that the only accounts that were exempted in the new bill are children education accounts.

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