Access Bank pays three-month Stamp Duty Charge for customers

 

ACCESS Bank Plc on Sunday concluded fee for a three-month Stamp Duty Charge for all its customers debited from February to April this yr.

The affected customers had requested the financial institution to refund the costs to them, which the lender obliged.

In an announcement, the financial institution stated it determined to remit these funds through 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 cost.

Access Bank stated Stamp Duty Charge Collection is backed by legislation, and in compliance with the mandate of the ‘Finance Act, 2019 (Stamp Duty Act, Cap S8).

 

The financial institution stated: “We are required by legislation to use this cost as relevant and remit all funds collected to the Federal Government.”

The financial institution disclosed that it had inadvertently not charged stamp obligation on some accounts from February to April 2020 as mandated by the Federal Government.

 

It stated: “However, we’ve heard our customers’ suggestions that this cost is unwelcome, particularly presently towards a difficult financial backdrop.

“We have thought-about your suggestions and have determined to pay the Stamp Duty on our customers’ behalf for the affected interval solely.”

The financial institution additional defined that every one particular person and Small and Medium Enterprises (SMEs) who had been debited for the amassed Stamp Duty Charge for February to April 2020, will probably be refunded.

 

Continuing, it stated: “While we nonetheless must remit these funds through the CBN to the Federal Government, we realise that we obtained it fallacious by debiting our customers late, and we’re refunding the affected Stamp Duty Charge immediately to all affected customers.”

The financial institution suggested customers with additional enquiries on the difficulty to ship e mail to it, thanking them for sharing their views on the matter.

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