N50 stamp duties: NECA frowns at banks’ disregard for court order
The Nigeria Employers’ Consultative Association (NECA) has frowned at the continuous deduction of N50 per transaction as stamp duties by the Deposit Money Banks (DMBs), against the directive by a federal court.
It would be recalled that the Federal Court of Appeal had in the matter between Kasmal International Services Limited and Access Bank and 23 others, directed all Deposit Money Banks (DMB) to discontinue the illegal charging of N50 per transaction in lieu of Stamp Duties.
NECA said the disregard for the order of the court does not send a good signal.
The Director General of NECA, Mr. Olusegun Oshinowo said in a statement that despite calls by NECA and other well meaning Nigerians, the Central Bank of Nigeria (CBN) is yet to direct Banks to obey the judgment of the Court.
“The outright disobedience of court order by the CBN is not good for the country, especially as it sends a wrong signal to foreign investors and sets back the efforts of Government at promoting the rule of law”. He added, ”the CBN is portraying itself to be bigger than the law of the land”.
The association however welcome the take over of the collection of stamp duties by Federal Inland Revenue Services (FIRS).
“The OPS welcomes the take-over of collection of stamp duties by the Federal Inland Revenue Service (FIRS), which is in line with extant law, i.e. the First Schedule to the Federal Inland Revenue Service (Establishment) Act except that the amount collectable is 2 kobo and not N50”.
