A Federal High Court in Asaba has declared the deduction of stamp duty charges by Nigerian banks as illegal. Nnamdi Dimgba, the judge, made this verdict on Wednesday, in a suit marked FHC/ASB/CS/139/2019 filed by one Rupert Irikefe. The Central Bank of Nigeria (CBN), Zenith Bank PLC and the attorney general of the federation were joined as defendants in the suit. Electronic transfers above N10,000 through the Money Deposit Banks (MDBs) attract a stamp duty of N50 which the MDBs are obliged to remit to the Federal Inland Revenue Service…
Read MoreSTAMP DUTY CHARGES ON BANK DEPOSITS, TRANSFERS, ILLEGAL—COURT RULES
