N50 stamp duty on transactions

Bracing for higher stamp duty charges

Bracing for higher stamp duty charges

MORE than thirteen years after the Stamp Duty Act of 2004 was enacted, its implementation has become needful. In fact, the Central Bank of Nigeria (CBN) in January 2016, ordered the banks to start deducting N50 stamp duties on deposits into current accounts with value of N1,000 and above, as part of efforts to boost government’s revenue.