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Access Bank pays three-month Stamp Duty Charge for customers

access bank

ACCESS Bank Plc on Sunday, had concluded the payment for a three-month Stamp Duty Charge for all its customers debited from February to April this year.

The affected customers had demanded that the bank refund the charges to them, which was obliged. In a statement released, the bank stated that it decided to remit these funds via the Central Bank of Nigeria to the Federal Government on behalf of the affected customers due to the lateness in debiting the customers’ accounts for the charge.

According to the bank, Stamp Duty Charge Collection is backed by law, and in compliance with the mandate of the ‘Finance Act, 2019 (Stamp Duty Act, Cap S8).

The bank said:

“We are required by law to apply this charge as applicable and remit all funds collected to the Federal Government.”

The bank disclosed that it had not charged stamp duty on some accounts from February to April 2020 as mandated by the Federal Government.