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NIPOST proposes stamp duty amendment bill

The Nigerian Postal Service (NIPOST) has proposed a bill to amend the Stamp Duty Act 2004.

The bill is aimed at modifying certain ambiguities in the act and legalizing all collections through commercial banks from January 2017.

The amendment according to a source at NIPOST follows the ruling of the Court of Appeal in Lagos nullifying stamp duty on electronic transfers.

Commercial banks had already commenced the deduction of N50 on electronic transfers following a Central Bank of Nigeria (CBN) directive issued in January 2016.

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