Stamp Duty

NGN 15,000.0

10 days

Tax Returns

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Description

Information about the compliance service

Stamp duty is administered on written documents only. It is administered by both FIRS, FCT and respective States Internal Revenue Service(IRS). FIRS assesses and collects duties on documents executed between a company and an individual, group or body of individuals.

Forms of Stamp Duties
  • Fixed Duties: Duties that do not vary with consideration, e.g. duties on payment receipt, proxy forms, guarantor forms, etc
  • Ad-valorem: Duties that vary with consideration, e.g. duties on Share Capital, Deed of Assignment, Debenture, Bills of Exchange, etc.

  • Methods of stamping:Embossing with die, Affixing adhesive stamp and Affixing postage stamp in lieu of adhesive stamp
  • Duties are paid before documents are executed.

Requirements

Info and documents needed for this service

  1. Tax Identification Number (TIN).
  2. Registration with the FIRS.
  3. Instrument of transaction (e.g., deed, agreement).
  4. Instrument details (type, date, parties involved).
  5. Transaction value.
  6. Stamp duty computation sheet.looking to do business.
  7. Tax payment made.
  8. Payment receipt.       

Process

Steps involved in this compliance service

  1. Provide the required documents.
  2. Fill the applicable form.

FAQs

Frequently asked questions about this service

1. What happens if i fail to pay stamp duty?
You become liable to pay penalties for default, interest accrues and you may face potential prosecution.
2. How do i obtain stamp duty certificates?
They are obtained from FIRS designated banks.
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