Central Bank Stamp Duty Charge on Electronic Transfer and Bank Deposits

  22 February 2016

It is no longer news that a N50-stamp-duty charge has been imposed on all account deposits since January 15, 2016. This according to the Central Bank of Nigeria is "to boost [the country's] revenue base", by "exploring revenue opportunities in the non-oil sectors especially taxes and rates."

As a firm that truly appreciates its clients and value the relationship with you, we have been standing in for our clients for almost a month and half.

Starting Tuesday, March 1st 2016 though, payments of N1000 (One thousand naira) and above for bulk SMS units will attract the N50 (fifty naira) stamp duty charge.

How to Avoid the Stamp Duty Charge or Reduce its Impact

Here are a few suggestions we are confident will be of great assistance to help you avoid the Stamp Duty charge all together or reduce its impact on your payments.

 

1. Make payments using the SmartSMS on Quickteller and Paydirect options - the Quickteller website, SmartSMS on Quickteller on ATM machines and PayDirect Bank Branch. At the moment, payment made through these channels are not being subjected to the CBN stamp-duty charge.

 

2. Make payments that are slightly less than N1000 at the point of purchase. For instance, making a payment of N980 will not attract the stamp duty charge.

 

3. Split payments that are slightly above N1000 into multiples. For instance, a payment N1500 may be split into two N750 payments. These will not attract the stamp duty charge.

 

4. Make bulk payment at once when you make bulk purchases for SMS units. Though you will still be charged the stamp duty fee, the percentage of the charge will be drastically reduced compared with paying a lesser amount. You will also avoid multiple charges on payments that are made separately.

 

5. Pay into one SMS account and transfer to your sub-accounts later instead of paying into each account separately. This is will be of great assistance if you facilitate more than one SMS account. This helps avoid raking up multiple charges on each deposit made.

We want to assure you that we appreciate your patronage and thank you immensely for your continuous support and understanding. We will also like to assure you that once there is a change in the policy, we shall immediately implement the required updates in our crediting systems.

We welcome your questions and contributions. Please, share them in the comment box below.

 

 

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