Commercial banks across Nigeria have sent messages to customers informing them of the implementation of new stamp duty deductions.
These deductions are applicable to specific transactions that necessitate duty payments, including contracts and legal mortgages and bonds.
Mortgage-backed loans represent offerings from financial institutions to individuals seeking to purchase a home, allowing them to repay gradually with interest.
On the other hand, bonds are debt instruments issued by various entities like governments, municipalities, or corporations to procure funds.
TimesNow.com.ng had earlier reported that the Federal Inland Revenue Service (FIRS) has instructed banks to begin the deduction on customers account and remit to government accounts.
The move comes as part of federal government efforts to bolster revenue generation and ensure compliance with financial regulations.
In adherence to the FIRS directive, commercial banks in Nigeria have initiated the process of notifying customers on the charges.
In a notice from Access Bank to its customers it said that a 0.375% charge would be applied to loans backed by legal mortgage, shares, debentures, or bonds.
The message reads:
Meanwhile, TimesNow.com.ng has reported that a man had broken down the CBN’s new 0.5% cybersecurity levy directive to commercial banks.
Sharing his thoughts on the new initiative, @OurFavOnlineDoc, a Nigerian medical professional in the diaspora, said it was “crazy at this point.”
Lamenting on X, @OurFavOnlineDoc described it as mass financial stifling. He went on to break down what it meant for Nigerians.
Source: TimesNow.com.ng
