BREAKING NEWS: Transfers above N10k: Banks to start charging N50 stamp duty from January 1
Banks FOLLOWING the implementation of the Tax Act, banks will start charging senders a N50 stamp duty on electronic transfers of N10,000 and above from January 1, 2026.
The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of N50 on electronic receipt or transfer of money deposited in any commercial money bank or financial institution on any type of account on sums of N10,000 and above..Read D / Full Original .