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GTBank begins deduction of stamp duty on foreign transactions

The Guaranty Trust Bank has alerted its customers about commencing the deduction of Stamp duty charges on foreign transactions.

GTBank
GTBank

The Guaranty Trust Bank has alerted its customers about commencing the deduction of Stamp duty charges on foreign transactions.

According to a statement issued by the bank, the action followed a directive by the Federal Inland Revenue Service (FIRS) to deduct a charge of N50 as stamp duty on electronic deposits of N10,000 and above.

The statement below.

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“Dear Customer,

“You may recall that the Federal Inland Revenue Service (FIRS) mandated a charge of N50 as stamp duty on electronic deposits of N10,000 and above made to all Naira-denominated accounts. Please note that the stamp duty charge extends to foreign currency deposits equivalent to N10,000 and above.

“This means that when you receive foreign currency equivalent to N10,000 and above in your account, a fee of N50 in the value of the foreign currency received will be charged to your bank account.

“This is in line with the recent directive to Banks concerning the deduction of Electronic Money Transfer Levy (EMTL) on foreign currency inflows.

“Thank you for choosing Guaranty Trust Bank Ltd,” the bank stated.

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