Nigeria Passes Stamp Duty Bill Amendment

The House of Representatives approved a Stamp Duty Bill amendment that revises the 2004 Stamp Duty Act. This change mandates a N50 deduction from electronic deposits in Deposit Money Banks nationwide. The bill also raises the stamp duty threshold for bank deposits from N1,000 to N3,000.

Education savings accounts remain exempt from the new stamp duty requirements. The bill addresses a prior exclusion of savings accounts by the Central Bank of Nigeria, aligning with recent regulatory actions.

The Stamp Duties Act, Chapter S8 of Nigeria's Laws of the Federation 2004, governs the collection of stamp duties. This legal framework applies to electronic transfers and deposits exceeding N1,000.

Yakubu Dogara, a House of Representatives speaker, highlighted the bill's implementation through Google Discover.