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Access Bank Refunds Stamp Duty Charges To Customers

Nigeria’s leading financial institution, Access Bank Plc has announced that it has refunded the Stamp Duty Charges on its customers.

This is contained in a statement by the bank. It reads;

“Earlier this week, we informed our customers that we had inadvertently not charged stamp duty on some accounts from February to April 2020 as mandated by the Federal Government.”

“Stamp Duty Charge collection in compliance with the mandate of the ‘Finance Act, 2019 (Stamp Duty Act, Cap S8). We are required by law to apply this charge as applicable and remit all funds collected to the Federal Government.”

“However, we have heard our customers’ feedback that this charge is unwelcome, especially at this time against a challenging economic backdrop.”

“We have considered your feedback and have decided to pay the Stamp Duty on our customers’ behalf for the affected period only. this means all individuals and SMEs who were debited for the accumulated Stamp Duty Charge for February to April 2020 will be refunded.”

“While we still have to remit these funds via the CBN to the Federal Government, we realise that we got it wrong by debiting our customers late, and we are refunding the affected Stamp Duty Charge today to all affected customers.”

“Please send us a mail through [email protected] if you have any further enquiries regarding the Stamp Duty Charge.”

“We hope this gesture goes some way to make this better and we would like to thank all our customers who reached out to us to share their views.”

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