FEDERAL HIGH COURT NULLIFIES THE IMPOSITION OF STAMP DUTIES ON BANK TRANSACTIONS


FEDERAL HIGH COURT NULLIFIES THE IMPOSITION OF STAMP DUTIES ON BANK TRANSACTIONS

The Federal High Court sitting in Lagos in Retail Supermarkets Limited V. Citibank Nigeria & the Central Bank of Nigeria(Suit No: FHC/L/CS/126/2016) on Monday, 13 March 2017, nullified the imposition of stamp duties on bank transactions within the threshold of N1,000 and above.The judgement rendered as null and of no legal effect the CBN circular No. CBN/GEN/DMB/02/006 issued on 15 January 2016, directing Deposit Money Banks and Financial Institutions in Nigeria to charge N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act (CAP S8, Laws of the Federation of Nigeria, 2004) and the Federal Government Financial Regulations, 2009.

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