Man Cries Out Over Money Stamp Duty Charges From Access Bank
Now, I brought this up here so that we can talk. There has been so many complains from Nigerians about this stamp duty of a thing. People are complaining, especially this period of COVID 19 lock-down when many Nigerians are managing to survive.
What is Stamp Duty?
Stamp duty is a tax on financial transactions and on official documents. Legal documents such as receipts, cheques, and marriage licences have had stamp duty mandated for them.
The receiver pays the 50 Naira stamp duty, not the sender. So unlike our transaction fees that you can make the customer pay, you can’t make the customer pay the stamp duty. You can review your prices to include it. This means this policy affects all our Nigerian merchants. The 50 Naira stamp duty charge only applies to transactions worth 1,000 Naira or more. View pictures in App save up to 80% data.
In March 2020, I got an alert from UBA that says N50 was deducted from my account for Stamp Duty, while I was still wondering what stamp duty is, another N300 was removed from my account subsequently for the same stamp duty. I went to the Bank and complained but nothing was done about it. A colleague of mine in the office complained of Access Bank removing N150 from his account. All these happened in March.
Today, the same colleague came to the office complaining that N150 was deducted from his account again. Some Access Bank customers also Tweeted, complaining about the same thing. Check out some of their comments below: View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data.
What do you think about this whole stamp duty of a thing, why are Nigerians complaining? Is it because they don’t know much about it? Is it really a scam as they are saying or is it possible their banks have not educated them enough on the subject?
What do you as a person think?
Please let’s drop our comments!