By JKNewsMedia Reporter
CUSTOMERS HAVE been alerted by the management of the Guaranty Trust Bank (GTB) to changes in the application of stamp duty under the Nigeria Tax Act 2025, which took effect on January 1, 2026.
GTbank said the N50 stamp duty on electronic transfers of N10,000 or more will now be paid by the sender rather than the recipient, in line with the new legislation.
The reminder followed an email circulated to customers on Tuesday, outlining the revised rules and exemptions notifying that transfers below N10,000, salary payments, and transfers between a customer’s own GTBank accounts remain exempt from the charge.
“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,” the email stated.
The bank also emphasised that the stamp duty is separate from regular transfer fees adding that the charge will be clearly displayed before the completion of any transaction to ensure transparency for customers.
GTBank further advised customers to review their transfers carefully and plan, accordingly, noting that the update is part of nationwide efforts to streamline compliance with the Nigeria Tax Act 2025.
According to the email, the new arrangement shifts responsibility for the duty from recipients to senders to align with the requirements of the 2025 legislation as the bank said it aims to maintain clarity and customer awareness of obligations under the revised tax framework.
The notice listed the specific exemptions under the new rules. Transfers below N10,000 remain free of stamp duty, while salary payments and inter-account transfers within the same customer profile are not subject to the charge.
GTBank reaffirmed that the display of the stamp duty on transaction screens will allow customers to confirm the amount before authorising payments describing the measure as a step to ensure that customers are fully informed of charges associated with their electronic transactions.
The bank then urged its customers to incorporate the new payment responsibility into their financial planning saying that by informing users of the sender’s obligation to pay the N50 stamp duty on qualifying transfers, it seeks to reduce confusion and promote adherence to the Nigeria Tax Act 2025.
GTBank stressed that the change does not affect any existing transfer fees and will be reflected independently on transaction confirmations. Customers were advised to check the total charges on their transfers to ensure accuracy and transparency before completion.
The bank also reminded users that electronic transfers falling below the ₦10,000 threshold, including salaries and intra-account movements, remain exempt adding that the exemptions are intended to protect routine and essential financial activities from additional levies.
It also says the update is part of nationwide measures aimed at improving compliance with the Nigeria Tax Act 2025 and will continue to provide guidance to ensure that customers understand and observe the revised rules.
GTBank concluded by encouraging customers to monitor their accounts and transfer processes carefully, and to plan transactions to reflect the sender’s responsibility for the stamp duty on transfers of N10,000 or more saying that clear display of the charge before completion will support transparency and informed decision-making.
