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Access Bank to Reverse Stamp Duty Deductions, Promises Refund

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Access Bank has offered to pay stamp duty charge for February to April on behalf of its customers.

It also said deductions made between Saturday and Sunday would be reversed to customers.

In a statement on Sunday, the bank said it recognised that it is a tough period for customers.

The bank’s customers had complained on various social media platforms on Saturday and Sunday over stamp duty deductions.

In an earlier statement, the bank had notified customers that it did not deduct stamp duty charges on transactions that occurred between February 1, 2020, and April 30, 2020.

The 2019 finance act provides that bank customers pay a N50 stamp duty charge on every N10,000 deposit.

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Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple's Bite International Magazine.


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