Federal High Court Declares N50 Stamp Duty On Bank Deposits And Transfers Illegal
The Asaba Division of the Federal High Court has declared as illegal all ongoing stamp duty deductions by Nigerian banks.
Justice Nnamdi Dimgba said the Central Bank of Nigeria and all banks should immediately stop further collections of stamp duties from Nigerians because there was no provision for such taxes under the Stamp Duties Act.
The judgement came on December 9 in a case filed against the CBN, Zenith Bank and the attorney-general by Rupert Irikefe, a businessman.
Mr. Irikefe was also awarded N500,000 in damages for the inconveniences he suffered when deductions were imposed on his bank account starting in January 2016.
Nigerian banks have been charging N50 as stamp duties on transactions above N1,000 across the country, a controversial policy that has long been criticised by citizens who saw it as exploitative and one-sided. The banks were asked to impose the charges by the CBN.
Please LOGIN or REGISTER To Gain Full Access To This Article
Wapbaze is an Entertainment website that deals in uploding of music tracks of any kind and letting her users download them in Mp3 formats of high quality. Wapbaze.com is the main website, Wapbaze.com/music/ is the folder for latest songs, wapbaze.com/movies/ is for mp4 movies updates so as wapbaze.com/videos/ is for 3gp music videos updates and wapbaze.com/forum/ is for latest gist, news, health and tech updates.