The National Revenue Service (NRS) has taken note of recent public concerns regarding reports of “double stamp duty” charges appearing on banking transactions. This follows the commencement of the new Tax Laws (2025), aimed at streamlining the nation’s fiscal framework.
Reports from various parts of the country indicate that some bank customers observed multiple deductions labeled as stamp duties or electronic money transfer levies (EMTL) on single transactions, leading to calls for immediate clarification from financial regulators.
Commitment to Fairness and Transparency The NRS wishes to reassure the general public and the business community that the fundamental objective of the new tax reforms is to eliminate multiple taxation and reduce the financial burden on citizens, not to increase it.
Under the new harmonized framework, the guidelines for transaction-based levies are clearly defined to ensure that charges are singular, transparent, and consistent across all financial platforms.
Addressing Technical Discrepancies The NRS is currently collaborating with the Central Bank of Nigeria (CBN) and the Committee of Bankers to investigate these reports. Preliminary assessments suggest that the “double charges” reported by some users may be attributed to:
System Integration Phases: Brief synchronization lags between old banking software and the newly implemented tax collection modules.
Transaction Categorization: Clarification of the distinction between the Electronic Money Transfer Levy (EMTL) and specific duty charges on high-value corporate instruments.
Immediate Actions To protect consumers and maintain trust in the financial system, the following steps are being taken:
Audit of Bank Deductions: The NRS, in partnership with financial regulators, is conducting a swift review of banking transaction logs to identify and rectify any erroneous deductions.
Refund Mandate: Any verified cases of over-taxation or double-charging due to system errors will be processed for immediate refund to the affected customers.
Public Enlightenment: A nationwide sensitization campaign will be launched this week to educate taxpayers on the specific provisions of the new law regarding transaction levies.
A Message to Taxpayers The Federal Government remains dedicated to a “People-First” fiscal policy. The transition to a more efficient tax system is a complex process, and the government appreciates the patience and vigilance of Nigerians as these world-class reforms are fully integrated.
Citizens are encouraged to report any persistent irregularities in tax-related bank charges to their respective financial institutions or via the official NRS transparency portal.