GTBank Implements N50 Stamp Duty on Electronic Transfers in Compliance with Nigeria Tax Act 2025
GTBank has informed its customers about the enforcement of a N50 stamp duty on electronic transfers above N10,000, following the implementation of the Nigeria Tax Act 2025 starting January 1, 2026. The bank clarified that the sender will bear the stamp duty cost on transactions exceeding N10,000.
This move is part of broader tax reforms to enhance compliance and standardize revenue collection in financial transactions nationwide. The adjustment aims to bring transparency and uniformity in stamp duty charges across the banking sector.
Fintech companies in Nigeria have also been adjusting their electronic transfer charges in response to this development.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
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