NECA Tackles CBN on N50 Stamp Duty

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By Dipo Olowookere

The Nigeria Employers Consultative Association (NECA) has expressed serious concern over the failure of the Central Bank of Nigeria (CBN) to comply with the Court of Appeal’s ruling in the matter between Kasmal International Services Limited and Access Bank and 23 others, by directing all Deposit Money Banks (DMB) to discontinue the illegal charging of N50 per transaction in lieu of Stamp Duties.

NECA, umbrella body for employers in the country, noted that there has been a landmark ruling in the case at the Court of Appeal on this subject matter between Kasmal International Services Limited and Access Bank and 23 others, which declared the deductions illegal.

It would be recalled that the CBN had directed Banks to commence the illegal deductions which did not only affect Corporate Bodies but all Nigerians, including the very vulnerable ones.

NECA and Organised Businesses had opposed attempts by the Nigeria Postal Service (NIPOST) to compel companies to affix a N50 postal stamp on all receipts, invoices and documents evidencing transaction of N1, 000 and above.

It had also kicked against the CBN’s directive to Banks based on its illegality and in the light of pending litigation in the Courts on the matter.

Reacting in a press statement by its Director General, Mr Segun Oshinowo, NECA advised the CBN “to do the needful without delay by directing cessation of further deductions and commence the refund of all accrued deductions in the past to their customers.”

It further urged the President Muhammadu Buhari administration to restrain its operatives from pursuing policies that will increase the burden on the citizenry both corporate and individuals.

NECA affirmed that “Stamp Duty’s applicability is limited to purchases involving large sums like a house purchase or importation of goods as against the position of applying N50 postage stamp to all receipts given by any bank (or financial institution) in acknowledgement of services rendered in respect of electronic transfer and teller deposits.”

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