The Federal Government has instructed Deposit Money Banks to commence the deduction of a 0.375 per cent stamp duty charge on all mortgage-backed loans and bonds. This directive, conveyed to customers by banks on behalf of the Federal Inland Revenue Service (FIRS), aims to broaden the scope of stamp duty charges, now encompassing foreign transactions and loans, alongside regular bank transfers.
Previously, the electronic money transfer levy applied solely to accounts receiving electronic deposits of N10,000 and above. However, the new directive extends stamp duty charges to include specific transactions like contracts and legal mortgages. Banks, such as Access Bank, have notified their customers of the implementation of this charge, assuring streamlined processes for transaction convenience.
The notice emphasized that previously approved loans would remain unaffected by the directive and should be repaid according to agreed terms and conditions. T
Source: Punch