No fewer than 50 types of chargeable transactions, which require stamp duty and specified the rates chargeable on each, were listed.
Some of the chargeable transactions are bank deposit or transfer, loan agreement, Memorandum of Understanding 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. “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 , Money Deposit Banks , 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 ,” Mr Nami said.
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