Stamp duty

UNDERSTANDING THE STAMP DUTY CHARGE

This post will answer some of the following questions:

1. What is the stamp duty charge

2. How much is the charge for stamp duty

3. Are Agents charged for stamp duty?

4. Is stamp duty charge the same as a convenience fee?

WHAT IS STAMP DUTY CHARGE
Stamp duty charge is a statutory charge payable on electronic transfers and cash payments into a corporate account.

How Much is The Charge for Stamp Duty

Stamp duty charge is a charge of N50 on every transaction from N1,000

What you need to know about the CBN’s N50 stamp duty:

1. It is an Act that was passed into law called the Stamp Duties Act 2004 and Federal Government Financial Regulations 2009, but implementation started in 2016.

2. The Stamp Duty charge is not being imposed by VTpass, but by the Federal government through the CBN.

3. The imposition of the Stamp Duties Act is to enhance the government’s revenue generation drive which has become necessary due to the fall in global oil prices.

4. All receipts, whether Cash or Electronic transfers from N1000 and above into a Current account is eligible and will be charged N50 stamp duty.

5. Only Current accounts are eligible to be charged Stamp Duty on all receipts.

6. The N50 requirement for the charge will be charged per transaction and not per volume; that is any transactions from N1,000 and above.

7. The N50 duty only applies to payments made into the company’s designated account for wallet funding.

Kindly note that when you credit your wallet by either paying into our bank account or by bank transfer, a

duty charge of N50 is automatically deducted from your payment by The Central bank of Nigeria (CBN) for paying into a corporate account.

So that means we can only credit your wallet with the remainder of the amount. For example, if you make a payment of 1000 into the VTpass account, you will be credited 9950 in your wallet because of the automatic deduction by CBN.

Our advice is, when crediting your wallet, add an extra 50 Naira so that

Are Agents charged for stamp duty?
Kindly note that the stamp duty charge is applicable to all agents, terminal agents, trade partners, refer a friend, regular users in as much it has to do with wallet crediting.

 

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