MDBs
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...
FIRS generates N66 billion from stamp duties
The Federal Inland Revenue Service (FIRS) has generated the sum of N66 billion from stamp duties between January and May. The FIRS Director, Communications and Liaison Department, Abdullahi Ahmad, made this known in a statement in Abuja on Tuesday. Ahmad said the Executive Chairman of FIRS, Muhammad Nami, disclosed this at the inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties and the unveiling of the FIRS Adhesive Stamp in Abuja. Mr Nami said the money realised in the first five months of the year from stamp duties represented about 1,000 per cent increase. He stated that the increment was unprecedented when compared to six billion naira collected from January to May 2019. The FIRS boss attributed this increase to the dynamism triggered by Fin...
