Current Administration
FIRS clarifies stamp duty rates, others
Following several requests by taxpayers seeking clarifications on the current administration of Stamp Duties Act in the country, the Federal Inland Revenue Service (FIRS) has published detailed information to guide taxpayers and the general public on rates payable as stamp duty. The clarification guide, which is contained in a Public Notice signed by Executive Chairman, FIRS, Mr. Muhammad Nami, published on its website, stated that 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. The notice described stamp duty as a tax payable in respect of dutiable inst...
South-South Governors support audit of NDDC
The South-South Governors Forum on Thursday declared wholehearted support for a forensic audit of Niger Delta Development Commission (NDDC) ordered by President Muhammadu Buhari. It deplored, with great concern, the crisis rocking the commission and said that it was convinced and expecting that the audit would serve to put the NDDC on a sound corporate governance footing and reposition it to better deliver on its mandate. In a statement by Chairman of the Forum and Governor of Delta, Senator (Dr) Ifeanyi Okowa, the governors also gave full backing to the ongoing investigation of the commission by the Senate. According to it, we believe the Senate is operating within its oversight functions through the ad hoc committee set up for that purpose. “It behoves us to respect the Senate oversight ...
