Nigeria revises threshold for new stamp duty on electronic payments upwards

NIGERIA – The Federal Government of Nigeria has reviewed the N50 stamp duty charges on electronic payments in the country after receiving backlash from Nigerians and industry stakeholders. A Financial Bill currently before the National Assembly stated the N50 charge would be imposed on transactions above N10,000 – a rise from the previous N1,000 that had taken effect across the country in September. The new bill aims to repeal a provision of the Stamp Duty Act 2014, which had a threshold for receipts chargeable with stamp duty as N4 and…

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