ARTICLE · 23 JUNE 2020

FIRS Clarifies Amendments To The Stamp Duties Act

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The Federal Inland Revenue Service ("FIRS" or "the Service") recently issued a Public Notice reminding the general public of the obligations to remit Stamp Duties to the Service under the Stamp Duties Act (SDA) as amended by the ...

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Summary

The Federal Inland Revenue Service ("FIRS" or "the Service") recently issued a Public Notice reminding the general public of the obligations to remit Stamp Duties to the Service under the Stamp Duties Act (SDA) as amended by the Finance Act, 2019. We have summarised the clarifications below.

Details

The Public Notice reiterates the provisions of Section 4(1) of the SDA as amended by the Finance Act, 2019 which provides that the FIRS is the only competent authority to impose, charge and collect Stamp Duties on dutiable instruments, where such instruments are executed between a company and an individual, group or body of individuals.

The Public Notice further lists the instruments which are subject to Stamp Duties as provided below:

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