FG has reviewed the ₦50 stamp duty charge to Transactions above ₦10,000

The Federal Government has disclosed that the ₦50 stamp duty charge will now be levied on electronic payments above ₦10,000, as against payment above ₦1,000.

According to Punch, the finance bill is a plan by the Federal Government to revamp tax administration in the country by introducing various tax increment.

However, the new bill exempts bank transfers between two accounts owned by the same person, or organization from stamp duty charges. The bill repeals a provision of the Stamp Duty Act 2014, which holds the threshold for receipts chargeable with stamp duty as ₦4 and above.

The Central Bank of Nigeria (CBN), through a circular released on the 17th of September, which majorly affected Point of Sale transactions, authorized banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions.

The directive was condemned by mobile money agents, retailers, merchants and bank customers who said it would discourage the cashless transaction and financial inclusion agenda of the Federal Government.