STAMP DUTY

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GUIDED BY STAMP DUTY ACT AS AMENDED

Stamp duties are taxes on document. 

It is tax on instrument or a written document in Nigeria. 

This is to be stamped within 40 days from date of execution.

Forms of Stamp duties

-fixed duties-Irrespective of the value. The same duty is payable. 

-Cheque and payment instruments. 

-Notary public. 

-proxy and guarantors form. 

Ad-valoreum

Varies according to value in accordance with scale fixed by govt. 

-Bill of exchange and promissory notes.

-share capitals of coy. 

-life insurance policy and property valuation.

-Debenture and mortgage loan. 

Relevant authority -FIRS. 

Commissioner of stamp duties

-Admin head, stamping, custody, adjudication. 

Instrument not properly stamped.

Not admissible in court of law. 

Exception. 

-criminal proceedings 

-prove of bankruptcy -suspect prevent transactions. 

-prove of fraud. 

-where admissible subject to be stamped later. 

RATE

STAMP DUTIES

 75k OR 0.75% for every conveyance or transfer or sale of real estate

BANK TRANSATION

Above 10,000 is 50NGN exemption for transfer between account holder in the same bank and others

Penalty for late Stamping.

TO UPDATE 

Disclaimer: Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice. 

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