Banks slam charge stamp duty on etransactions above n10000
It seems like you're referring to a recent development in the Nigerian banking industry. Here's a summary of the situation:
Background: In Nigeria, Stamp Duty is a tax imposed by the Federal Government on certain financial transactions, including electronic transactions (e-Transactions). The duty is usually charged at a rate of 0.075% of the transaction value.
New Development: Recently, some banks in Nigeria have started charging Stamp Duty on electronic transactions (e-Transactions) above N10,000. This means that if you make an e-Transaction (such as a mobile payment, online transfer, or bill payment) above N10,000, you may be charged a Stamp Duty fee.
Implications: This development has sparked concerns among Nigerians, particularly individuals and businesses that frequently make online transactions. The Stamp Duty charge may add to the overall cost of transactions, potentially affecting the convenience and affordability of online financial services.
Reactions: The move has been met with mixed reactions from the public. Some have expressed frustration and disappointment, while others have called for the government to review the policy. The Nigerian government has not officially commented on the matter, but the Central Bank of Nigeria (CBN) has been working to streamline the payment system and reduce costs.
What can you do?: If you're affected by this development, you can consider the following:
- Check your bank's policy: Confirm with your bank if they are charging Stamp Duty on e-Transactions above N10,000.
- Review your transaction habits: Consider adjusting your transaction habits to avoid transactions above N10,000, if possible.
- Advocate for change: Reach out to your bank, the CBN, or the Federal Government to express your concerns and suggest alternative solutions.
Please note that this is a developing story, and more information may become available as the situation unfolds.