Bank Balances Untaxed as N50 Transfer Charge Stands — CITN Clarifies New Tax Law
The Chartered Institute of Taxation of Nigeria (CITN) has clarified that bank account balances are not subject to taxation under Nigeria’s newly implemented tax regime, stressing that only certain electronic transfers attract a statutory ₦50 stamp duty. The clarification was given on Tuesday by the Chairman of the CITN Abuja District, Mr. Ben Enamudu, during…
