How To Avoid Paying N50 Stamp Duty In Nigeria

how to avoid N50 stamp duty in nigeria

There are lots of things that happens to us as an individual that we cannot question. I remember, when I was in school and the school management all of a sudden added a compulsory  fee of 5,000 to our school fee; claiming it’s for insurance – I wonder who they won insure. Students were agitating, but before you know it; students have started paying the 5,000. As a matter of fact; I was among those who pay with 24 hours. One of such incident was the N50 stamp duty introduced by CBN.

I can’t count the awful experience I had when my money was first deducted for stamp duty – 450 at a go. Fiam!!! Before then, I have telling my friends that my bank don’t deduct the stamp duty from my account; because my money as being laying in the bank for some days after the implementation. Maybe I was too fast to expect the deduction or my bank decided to take their time. They deducted the money after several weeks; when I least expected. Why they took their time before the deduction? I don’t know! Maybe they want to reduce the risk of hypertension and give people the pleasure of paying at their own time. Anyway, that is not our business.

Imaging, you have a training center with 175 students where you charge 1,000 and your students are required to go and make payment in the bank and bring the teller to the center. That means, you will be paying 8,750 on all the 175 students if each of them uses their name as the depositor. That is why this trick is very useful for business owners. Though, this does not mean you will not still pay the stamp duty on some occasion but for crying out loud not on you own money.

How Do Bank know When To Place The Charge?

They know as long as the depositor’s name is different from the account name. Do you know the bank will not charge you if you are making the deposit/payment into your own account. As far the account name and the depositor’s name are the same. Oh, you want to dare me? Then try paying 1,000 into your own account with a different name as the depositor and seed the speed at with N50 go leave your account. The painful thing about this issue is that if you send you son or wife to go and pay into your account you will be charged N50 as long as the depositor’s name is different to the account name.

So, today, I just want to share with you; how I have been avoiding paying this N50 stamp duty and it’s being awesome. I hope this is not illegal anyway.

How To Avoid Paying N50 Stamp Duty In Nigeria

It’s simple! All you have to do is to make sure the depositor’s name is the same as the account name – period! For example: Mr A, wants to pay the sum of 4,500 into Mr B’s account. Here is what Mr A will do to avoid Mr B being charged!

On the teller you will have some details but we are interested in the Account Name and the Depositor’s Name. Remember Mr A is the one paying into Mr B’s Account. So, Mr A will fill the teller like this:

Account Name ________Mr B_______

Depositor’s Name ____Self__________

That is all! Yes, it’s that simple!

The Bank will take the self for Mr B and wave the N5o Stamp duty.

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