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ARTICLE · 21 MARCH 2018

Proposed Changes To The Stamp Duties Act Under The Stamp Duties Amendment Bill 2017

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A Stamp Duties Amendment Bill has been introduced to the House of Representatives. The Bill seeks to expand the scope of the extant Stamp Duties Act CAP. S8 L.F.N. 2004 by making receipts...

NigeriaFinance and Banking
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Introduction

A Stamp Duties Amendment Bill ("the Bill") has been introduced to the House of Representatives. The Bill seeks to expand the scope of the extant Stamp Duties Act CAP. S8 L.F.N. 2004 ("SDA") by making receipts issued in respect of deposits made into a bank liable to the imposition of stamp duties. It also seeks to increase the respective fines that will be meted out to persons that contravene provisions of the SDA.

It will be recalled that on 15 January 2016, the Central Bank of Nigeria (CBN) relied upon the decision of the Federal High Court in Standard Chartered Bank Nigeria Limited v. Kasmal International Services Limited and 22 Ors and proceeded to issue a circular titled 'Collection and Remittance of Statutory Charges on receipts of Nigeria Postal Service under the Stamp Duties Act'. The said circular directed all deposit money banks and financial institutions to charge a duty of N50 (Fifty Naira) for services rendered in respect of

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