Tax Act: Banks To Start Charging N50 Stamp Duty from January 1 On Transfer Above N10k
Following the implementation of the Tax Act, commercial 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.
The United Bank for Africa, UBA, in an email sent to customers on Tuesday, said the N50 electronic money transfer levy (EMTL) on transfers will now be referred to as stamp duty across all financial institutions.
“Please note the following: Stamp Duty applies to transactions of N10,000 and above (or the equivalent in other currencies),” the email reads.
Salary payments and Intra-bank self-transfers are exempt from stamp duty.
“The Sender now bears the Stamp Duty charge. Previously, this charge was deducted from the Beneficiary/ Receiver.”
Olamilekan Adigun is a graduate of Mass Communication with years of experience in journalism embedded in uncovering human interest stories. He also prioritises accuracy and factual reportage of issues.
