The federal government has clarified that deposits into savings accounts that is up to N10,000 are not exempted from the payment of N50 stamp duty under the Finance Act of 2020.
The Federal Government of Nigeria through the office of the Director General of Budget Office of the Federation, Mr. Ben Akabueze, during the weekend, explained that the Finance Act, 2020 did not make any distinction to that effect.
Mr Ben Akabueze made this statement at KPMG Nigeria’s Tax Breakfast Seminar on 2020 National Budget and Finance Act.
“The Finance Act makes no distinction between savings and current accounts. So, if people are now planning to become owners of savings account, let them know that it won’t work,” Akabueze said.
Also at the occasion, Executive Chairman of the Federal Inland Revenue Services (FIRS), Mr. Muhammad Nami, warned owners of businesses who would divert payments due to their businesses to their personal accounts, saying they should not get away with the unwholesome act as FIRS has the software to trace such diversions with account holders’ BVN.