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 FIRS clarifies stamp duty rates, others

Income tax: FIRS launches online portal for financial institutions

 

The Federal Inland Revenue Service (FIRS) has published detailed information to guide taxpayers and the general public on rates payable as stamp duty.

According to a statement released by the FIRS, the clarification followed several requests by taxpayers seeking information on the current administration of Stamp Duties Act in the country,

FIRS executive chairman Mr. Muhammad Nami, said “stamp duty is a tax payable in respect of dutiable instrument as provided under the Stamp Duties Act, CAP S8, LFN 2004 (as amended). Such instruments include Agreements, Contracts, Receipts, Memorandum of Understanding (MOU), Promissory notes, Insurance policies and others stipulated in the Schedule to the Stamp Duties Act.

“Stamp Duty is chargeable on both physical and electronic instruments in two ways i.e. Ad-valorem, where duty payable is a percentage of the consideration on an instrument; or Flat Rate, where a fixed sum is chargeable irrespective of the consideration on dutiable instrument or document”.

Mr. Nami listed no fewer than 50 types of chargeable transactions which require stamp duty. He also specified the rates chargeable on each.

Some of the chargeable transactions are bank deposit or transfer, loan agreement, Memorandum of Understanding (MoU) related to land, sales agreement, will, tenancy/lease agreement and all receipts.

Mr. Nami clarified that the recently launched FIRS Adhesive Stamp “is not the same as postage stamp administered by NIPOST for the purposes of delivery of items and documents, and is therefore not a substitute for the FIRS adhesive stamp, which is produced for the sole purpose of stamp duty payment.”

He stressed that “the burden of payment of stamp duties whether fixed or ad-valorem is that of the beneficiaries of a contract, or Money Deposit Banks’ customers who transfer an amount of N10,000 and above from his account to another customer’s account.

“It is the responsibility of Ministries, Departments and Agencies (MDAs), Money Deposit Banks (MDBs), Companies, Landlords, Executors, etc. to ensure that service providers, contractors, tenants etc. pay stamp duties due on agreements, receipts and other dutiable instruments.

“Failure to deduct or remit stamp duties into the Federal or State Stamp Duties Account attracts relevant penalties and interest as stipulated in the Stamp Duties Act, Cap S8, LFN 2004 (as amended)”, Mr. Nami stated.

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