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Imperative of LG autonomy in Nigeria - Punch Newspapers

Imperative of LG autonomy in Nigeria - Punch Newspapers
punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.

Court declares stamp duty charges on bank deposits, transfers illegal

Advertisement 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 (FIRS). Advertisement In the suit, Irikefe who operates a current account, domiciled in Zenith bank submitted that the bank made several deductions of N50 and N100 from his account as stamp duties charges between 2016 and 2018.

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