GTBank has reminded customers of the new stamp duty rules under the Nigeria Tax Act 2025, which take effect from January 1, 2026.

According to an email received by a GT Bank customer on Tuesday, under the new regulation, the ₦50 stamp duty on electronic transfers of ₦10,000 or more will now be paid by the sender, not the recipient.

GTBank clarified that certain transactions will 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 ₦50 stamp duty on electronic bank transfers of ₦10,000 and above is paid by the sender of the transaction and not the receiver.

“These include transfers below ₦10,000, salary payments, and transfers between a customer’s own GTBank accounts,” the message read.

The bank also noted that the stamp duty is separate from regular transfer fees and will be clearly displayed before completing any transaction, ensuring transparency for customers.

GTBank encouraged customers to review their transfers carefully and plan accordingly, as the update is part of nationwide efforts to streamline compliance with the Nigeria Tax Act 2025.

PUNCH Online had reported that the federal government received N360.29bn from electronic money transfer levies between January and October 2025, based on a Federal Inland Revenue Service document seen by The PUNCH.

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