GTBank has issued an important notice to customers regarding updated stamp duty regulations in Nigeria. The reminder follows the implementation of the Nigeria Tax Act 2025. This new law officially took effect on January 1, 2026.
According to the bank, the responsibility for paying stamp duty has changed. Henceforth, senders will pay the ₦50 stamp duty on eligible transfers. Previously, recipients bore this charge. The update applies to electronic transfers of ₦10,000 and above.
GTBank shared this information through an official email sent to customers. The bank explained that the change aligns with national tax compliance efforts. Therefore, customers are advised to adjust their transaction planning accordingly.
However, GTBank clarified that some transfers remain exempt from stamp duty charges. These exemptions include transfers below ₦10,000. Salary payments are also excluded from the levy. Additionally, transfers between a customer’s own GTBank accounts remain free.
Furthermore, the bank emphasized transparency in implementing the new rule. The ₦50 stamp duty will appear separately from transfer fees. Customers will see the charge clearly before confirming any transaction. This step aims to reduce confusion and unexpected deductions.
GTBank also encouraged customers to review transaction details carefully. Doing so will help customers avoid errors and manage costs effectively. The bank noted that awareness remains essential under the new tax framework.
Meanwhile, the update reflects broader government efforts to standardize tax collection nationwide. Financial institutions are expected to comply fully with the Nigeria Tax Act 2025. GTBank reaffirmed its commitment to regulatory compliance and customer communication.
In conclusion, customers should stay informed about the revised stamp duty rules. Proper understanding will ensure smoother banking experiences going forward.
