TAX ALERT: New FHC Judgement Nullifies CBN Circular on Collection of N50 Stamp Duty

A Federal High Court (FHC) sitting in Ikoyi Lagos, on 13 March 2017, nullified the circular issued by Central Bank of Nigeria (CBN), which mandates all deposit money banks and other financial institutions to enforce collection of ₦50 stamp duty on all electronic transfers and teller deposits from ₦1,000 and above.

The FHC judgement is aligned with an earlier Court of Appeal ruling back in 2016.

Please be on the lookout for our newsletter on this subject where we will analyse in detail, the facts of the case and the implications. A copy of the decided case can be accessed HERE.

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