A bill seeking to make just about any deposit in the bank to be charged the 50-Naira stamp duty has received approval from Nigeria’s lower chamber of parliament, the House of Representatives.

The new Stamp Duty Bill passed by the House seeks to amend and repeal the 2004 Stamp Duty Act.

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With the passage of the bill, you will now have to pay the 50-Naira stamp duty on all bank transactions including the one from savings account which was excluded before now.

You will also pay the stamp duty on all electronic transactions from 3,000 Naira and above instead of 1,000-Naira as was the case.

Before now, it was limited to cash deposits.

Although the 2004 Stamp Duty Act approved the fixing of 50-Naira stamp on documents witnessing transactions worth 1,000 Naira and above, the law became controversial when banks were directed to commence implementation.

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On the strength of the 2004 Act and a circular issued by the Central Bank of Nigeria in January 2016, banks operating in the country have been deducting 50 Naira from deposits in bank accounts across the country.

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 banks since January 2016.

It also seeks to legitimise the recent inclusion of savings accounts as eligible for imposition of stamp duty while the only accounts that were exempted were children education accounts.

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