Regulatory Alerts2009-07-21 | BSD/DIR/GEN/CIR/03/16Added · Updated
Circular to Banks on Non-Compliance of Securities Companies of Banks in Nigeria With The Stamp Duties Act 2004
The Nigerian Central Bank has issued a circular to all banks, highlighting non-compliance with the Stamp Duties Act 2004 by some securities subsidiaries. These companies fail to affix revenue stamps on their contract notes, depriving the government of potential income and impeding the development of the postal system in Nigeria. Banks are advised to ensure that their subsidiaries comply with the relevant sections of the Act to avoid penalties outlined in Section 92.
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