Home Money SMEs, customers of Access Bank to get two months stamp duty refund

SMEs, customers of Access Bank to get two months stamp duty refund

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Access Bank Plc says it is not downsizing or closing branches
Banking will be a key sector for intra-Africa investment, as illustrated by the acquisition in 2020 of two smaller banks in Kenya by Access, Nigeria’s leading bank

MON, JUN 29 2020-theG&BJournal- ‘’All individual and SMEs who were debited for the accumulated Stamp Duty charge for February to April 2020, will be refunded, Access Bank Plc said Sunday following customers feedback that the charges are unwelcome at this time and against the challenging economic backdrop.

The Bank said in a statement that they realised they got it wrong by debiting customers late, ‘’and we are refunding the affected stamp duty charge today to all affected customers.’’

The Stamp Duty collection is mandated in the Finance Act, 2019 (Stamp Duty Act, Cap S8) which requires bank customers to pay a N50 stamp which will be remitted to the Federal Government via the Central Bank of Nigeria.

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