Business

We Will Refund February To April Stamp Duty Deductions – Access Bank

Access Bank says it will pay stamp duty charge for February to April, 2020, on behalf of its customers.

Several customers had on Saturday and Sunday took to social media platforms to express their displeasure with the stamp duty deductions.

But in a statement on Sunday, the bank said the deductions would be reversed considering “it is a tough period for customers.”

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

Access Bank

“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.”

Last week, the bank had informed customers that it had “inadvertently not charged stamp duty on some accounts from February to April 2020 as mandated by the Federal Government.”

According to Access Bank, the Stamp Duty Charge collection is in compliance with the mandate of the Finance Act, 2019 (Stamp Duty Act, Cap S8).

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

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