Since the inauguration of the Inter-Ministerial Committee for
the Audit and Recovery of Back-Years Stamp Duties on 30 June 2020
(link to previous alert), there has been several public
pronouncements by the Federal Inland Revenue Service (FIRS) on the
administration of stamp duties ("SD") in Nigeria.
Background
Stamp Duty is a tax chargeable either at fixed rates (flat
amounts) or ad valorem (as a percentage of the value of a
transaction), depending on the class of instrument as provided in
the Stamp Duties Act (SDA). Such instruments include notarial acts,
agreements, conveyance on sale of property, powers of attorney,
contract notes, valuations, bank notes, promissory notes, mortgage
notes, share certificates, debentures, share warrants, insurance
policy, customs bills of laden, bills of sale and receipts.
