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Access Bank To Reverse Feb- April Stamp Duty Deductions

Access Bank To Reverse Feb- April Stamp Duty Deductions

It also said deductions made between Saturday and Sunday would be reversed to customers.

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In a statement on Sunday, the bank said it recognised that it is a tough period for customers.

The bank’s customers had complained, using various so­cial media platforms on Sat­urday and Sunday, over stamp duty deductions.

“We have considered your feedback and have decided to pay the stamp duty on our cus­tomers’ behalf for the affected period only,” the bank said in a statement.

“This means that individu­als and SMEs who were debit­ed for the accumulated stamp duty charge for February to April 2020 will be refunded.

“While we still have to remit these funds via the CBN to the Federal Govern­ment, we realise that we got it wrong by debiting our customers late, and we are refunding the affected stamp duty charge today to all affect­ed customers.

“We hope this gesture goes some way to make this better.”

In an earlier statement, the bank had notified customers that it did not deduct stamp duty charges on transactions that occurred between Febru­ary 1, 2020, and April 30, 2020.

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The 2019 Finance Act pro­vides that bank customers pay a N50 stamp duty charge on every N10, 000 deposit.

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