FEBFTRA Benefits
Benefit of paying Stamp Duty
The payment of proper Stamp duty on instruments makes them legal. Such instruments get evidential value and can be admitted as evidence in a court of law.
Stamp duty fee paid for recovery of confiscated funds is refundable with additional 20% interest rate after 21 working days.
2. Federal Economic Bureau Funds Transfer Regulatory Authority (FEBFTRA) Stamp Duty is accepted globally
OFFENCES AND PENALTIES OF NOT PAYING FOR CLEARANCE PERMIT AND STAMP DUTY WHEN NEEDED
Section 40 to 44 of the Stamp Duty Act 2005 (Act 689) specifies activities and actions considered an offence under the Act and the accompanying consequences.
The Payment Systems Act, 2003, Act 662* Further empowers Federal Economic Bureau Funds Transfer Regulatory Authority (FEBFTRA) to supervise payment without official Stamp Duty. Such transactions must be confiscated and returned to the transferee bank. The beneficiary of such is to make a payment of 15% of the total fund to the office of the Federal Economic Bureau Funds Transfer Regulatory Authority (FEBFTRA) (FEBFTRA) which is also refundable without any % interest.
REQUIREMENT FOR RECOVERY / CLEARANCE PERMIT AND STAMP DUTY.
i. Bid bond certificate
ii. Anti-Money Laundering Certificate
iii. Prove and purpose of fund (Associated Documents)
Transactions Act 2008, Act 772 An act to provide for the regulation of international transaction clearance permit attracts an unrefundable fee of $2000.00 or to it equivalent to Ghana Cedi.
STAMP DUTY FEE.
Foreign Exchange Act 2006, Act 723 An Act to provide for the exchange of foreign currency, for international payment transactions and foreign exchange transfers; to regulate foreign exchange business and to provide for related matters beneficiary of such transaction are entitled to 25% interest rate of the Stamp Duty fee.
STAMP DUTY FEE FOR ALL TRANSACTION IS 1.8% OF THE TOTAL FUND.