Stamp Duty: GTCO implements rule on EFTs

By Cyriacus Nnaji:

In line with the Federal Government change to the application of stamp duty on electronic bank transfers, Guaranty Trust Bank Plc (GTCO) has announced it’s implementation of the tax law. In a recent email sent to its customer, GTCO noted, “Please be reminded that, in line with the Nigeria Tax Act 2025, which took effect from January 1, 2026, the ₦50 stamp duty on electronic bank transfers of ₦10,000 and above is paid by the sender of the transaction and not the receiver.”

According to the guidelines, electronic transfers below ₦10,000 are exempt from the stamp duty charge. In addition, salary payments and own-account transfers within GTBank, will not attract the ₦50 charge.

The stamp duty remains separate from standard bank transfer fees and will be clearly disclosed to customers at the point of transaction. This will ensure transparency in electronic payments.

The policy adjustment is part of broader efforts under the Nigeria Tax Act 2025. This effort will streamline tax administration and improve clarity in the application of statutory charges across financial transactions.

GTCO customers have been advised to take note of the new rule when initiating EFT.