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AccessBank to cancel stamp duty deductions for February-April

Access Bank offered to pay stamp duty for February-April on behalf of its clients.

AccessBank to cancel stamp duty deductions for February-April

It also said that deductions made between Saturday and Sunday would be refunded to customers.

In a statement on Sunday, the Bank said it recognizes that this is a difficult period for customers.

Access Bank customers complained using various social media platforms on Saturday and Sunday about stamp duty deductions.

“We have reviewed your feedback and decided to pay stamp duty on behalf of our customers only for the specified period,” the Bank said in a statement.

“This means that individuals and small and medium-sized businesses that were written off for the accumulated stamp duty for February-April 2020 will be refunded.

“Although we still have to transfer these funds through CBN to the Federal government, we understand that we made a mistake by writing off our customers late, and we are returning the affected stamp duty today to all affected customers.

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“We hope that this gesture will somehow improve the situation.”

In an earlier statement, the Bank notified customers that it does not deduct stamp duties on transactions that occurred between February 1, 2020 and April 30, 2020.

The Finance act 2019 provides that Bank customers pay N50 stamp duty on each N10, 000 Deposit.

Global Gist Nigeria


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