Stamp duty applies to all Nigerian banks and other financial institutions. Every eligible transaction of N10,000 and above there would be a N50 stamp duty charge.
If you’re a business man/woman and you make numerous daily transactions, you would know about the annoying stamp duty charges.
So, are you looking for ways to avoid stamp duty charges on your account? Lets have a look at some ways to counter it.
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Transact Smartly
This is the easiest and most efficient trick. You can easily bypass N50 stamp duty charges by implementing some alternatives like accepting N9999 for any payment of N10,000. For bigger payments above 10,000 the buyer can split it and send in batches below N10,000.
For example, if you are to be paid N18,000 the user can send two batches of N9,000. If this is not convenient for the user you can ask for N50 extra charge for payments above N9999. If you make such a rule, you’ll see the daily losses of N50 naira will be reduced.
The last thing you should note is, whatever you are selling, you should factor in stamp duty before setting your cost price. Its easier that way….moving on to option 2.
Micro Finance Banks/ Alternative Banks
The second alternative is making use of banks, financial institutions or other payment wallets that do not charge stamp duty.
Yes, they exist. Banks like Kuda, Providus and more do not collect stamp duty. Applications like Palmpay, Carbon, and even Opay do not collect stamp duty charges.
So, you can ask your clients to make payments into those type of accounts that do not charge stamp duty. You can easily withdraw them back into any of your main accounts like Access, GTB, UBA, Zenith e.t.c.
The best part about option 2 is that you also get access to many other features. Example; on Opay, there is a wide range of services including Cable/Electricity and tons of other bill payments. Transferring funds to your local bank from these applications are mostly free unlike our regular banks that charge 10, 25, 52 naira or more.
Summary
With the two above options, you can easily bypass stamp duty charges and maximize your profit in your business(es). Also consider this….what about Bitcoin payment option? It is also a considerable option and if you play your card right, you gain more… Thank you.
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