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FNB clients shocked by stamp duties

2022-05-13  Maihapa Ndjavera

FNB clients shocked by stamp duties

After receiving notifications this week that stamp duty transactions have been processed on specific dates, many First National Bank clients were shocked and outraged.

Clients were fuming on social media, asking whether such deductions are legit. Responding to questions from New Era, First National Bank (FNB) spokesperson Elzita Beukes said according to the Stamp Duty Act, there is a requirement that on every debit transaction made via all banks in Namibia, a duty of 20 cents should be paid, and 10 cents per debit transaction on savings accounts.

“These deductions are referenced on all monthly statements from all banks. On average, it amounts to N$6 per customer per month, varying by the number of transactions performed by customers,” she explained.

However, due to an internal delay in the collection of duties on some customer accounts, Beukes clarified that there is a catch-up deduction effected, which is why clients are receiving such notifications. 

On behalf of FNB, she offered apologies for the inconvenience caused to those customers who were impacted. “Should anyone require further information on their specific stamp duty charges, please contact our office”.

According to The Namibian, treasury is expected to generate over N$126 million through stamp duty for the 2022/23 fiscal.

According to FNB’s 2021 integrated annual report, FNB Namibia’s total current tax charge amounted to N$442 million, and indirect taxes incurred at N$38 million. Indirect taxes are made up by VAT and stamp duties on long-term deposits. 

As one of the banks with a high number of clients, total deposits for the same period stood at N$36 billion, down from N$39 billion in 2020.

2022-05-13  Maihapa Ndjavera

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