The Chairman of the Chartered Institute of Taxation of Nigeria, Abuja District, Ben Enamudu, has dismissed claims that bank balances are taxed under Nigeria’s new tax regime, saying only certain electronic transfers attract a ₦50 stamp duty and that the reforms are designed to shield low-income earners.
Speaking in an interview with ARISE News on Tuesday, Enamudu said misinformation about the reforms—particularly around bank transfers and income thresholds—has caused undue concern among Nigerians.
He explained that the charge applicable to electronic transfers is a stamp duty, not a tax on deposits or account balances.
According to him, the reform also changes who bears the cost of the duty.
