Guaranty Trust Bank (GTBank) has formally notified its customers of a significant shift in the application of the N50 stamp duty on electronic transfers. This change is a direct result of the revised Nigeria Stamp Duty Framework under the Nigeria Tax Act 2025, which became effective on January 1, 2026.
What Has Changed for GTBank Customers?
In a clear communication sent to customers, GTBank outlined the new rule. Previously, there was ambiguity and varied practice regarding who bore the N50 charge for eligible electronic transfers. The bank's latest notice states unequivocally that the sender of the transaction is now responsible for paying the N50 stamp duty. This applies to all electronic bank transfers of N10,000 and above.
The bank's official statement reads: “Please be reminded that, in line with the Nigeria Tax Act 2025, which took effect from January 1, 2026, the N50 stamp duty on electronic bank transfers of N10,000 and above is paid by the sender of the transaction and not the receiver.”
Exemptions and Transaction Clarity
Importantly, GTBank clarified that not all transfers will attract this levy. The bank specified key exemptions to the rule, which include:
- Transfers below the N10,000 threshold.
- Salary payments.
- Transfers between a customer's own accounts within GTBank.
Furthermore, the bank emphasized that the N50 stamp duty is separate from the standard transfer fees charged by the bank. To ensure transparency, GTBank confirmed that this charge will be displayed clearly to customers before they finalize any transaction, allowing for full visibility of all applicable costs.
Federal Government's Rationale for the Revision
This policy adjustment is part of broader tax reforms initiated by the Federal Government under the Nigeria Tax Act 2025. The primary objectives are to improve compliance, reduce disputes between senders and receivers, and strengthen national revenue collection by creating a standardized system across the entire financial sector.
By explicitly placing the responsibility on the sender, the government aims to eliminate long-standing confusion and create a more uniform and transparent process. While public reaction to the revised stamp duty has been mixed, with some Nigerians concerned about incremental transaction costs, authorities maintain that the revenue is crucial for funding public services and infrastructure development.
GTBank has advised its customers to take note of these changes and plan their financial transactions accordingly, as the bank aligns its operations with the new national fiscal policy.
