Nigerians won’t have to worry about the payment of five common bank charges again, as from January 2026, when the new tax laws come into effect.
This was made known by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele.
News360 Info reports that the tax laws, which will come into effect as from January 2026, are the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA) and the Joint Revenue Board Act (JRBA).
According to Oyedele, the changes are expected to simplify tax administration and eliminate unnecessary financial burdens on citizens.
He added that the move to phase out some of the frequent bank charges under the tax reforms is part of the efforts by the administration of President Bola Tinubu to ease the cost of doing business, stimulate economic growth, and support households and small enterprises.
The charges which would be affected are:
1. The ₦50 Electronic Money Transfer Levy (EMTL), charged on transfers above ₦10,000, will be scrapped entirely.
2. Stamp duties: The stamp duties on salary transfers, which both employees and employers currently bear, would no longer apply from January 2026.
This would allow workers to receive full salaries and also reduce administrative costs for businesses, especially small and medium-sized enterprises.
3. The stamp duties paid by investors in treasury bills, government bonds, and shares would also be abolished. Stamp charges on documents used for processing stock or share transfers will also be removed.
4. The ₦50 charge on transfers between accounts within the same bank will be discontinued, and customers will be at liberty to move funds between personal or related accounts without incurring extra fees.
Oyedele noted that these reforms would be introduced when the Nigeria Tax Act 2025 come into effect in January 2026, reversing earlier rules under the Stamp Duties Act and the Finance Act 2020.
