The current stamp duty charge in Nigeria is as imposed by the CBN Central Bank of Nigeria is what this post seeks to clarify.
Stamp duty is imposed at a 0.75% rate on the authorized share capital at the incorporation of a company or on registration of new shares. All deposit banks and financial institutions are required to charge stamp duties of N50 on every eligible transaction above NGN 10,000.
The current Stamp duty charge of N50 was imposed on Nigerians by the Central Bank of Nigeria some months ago in what was termed the stamp duty act in Nigeria. With this regulations on stamp duty currently, every Nigerian receiving cash into his or her account would have to pay the sum of N50 (fifty naira) on every deposit.
Whether the person is recieving the money through means of cash, electronic transfer online or even via cheque, the money will still be deducted from the account which will serve as the stamp duty charge. If you are wondering where this current stamp duty charge of N50 is being paid to? Well, the money deducted goes to the federation accounts.
The aim of collecting stamp duty from Nigerians is to enable them contribute their quota to the development of Nigeria as a Nation in the federation account since Nigeria is too reliant of oil, this comes as welcome development which ensures that Nigeria as a country is able to generate on monthly basis.
Although some favored the idea, orders didn’t. Reasons for not supporting the stamp duty of N50 charge by Nigerians is because no one knows how such monies collected for stamp duty charge will be spent.