A Guide to Stamp Duties in Nigeria


Monday, January 18, 2021 / 03:28 PM / By PwC Nigeria / Header Image Credit: PwC Nigeria


Stamp duty is a tax on instruments (written or electronic documents). The Stamp Duties Act Cap. S8 LFN 2004 ("SDA" or the Act") can be traced to the 1893 Stamp Duties and Stamp Duties Management Acts passed by the British Parliament. It was enacted and came into force on 1 April 1939.


The Act, amongst other things, imposes stamp duties on written or electronic instruments (agreements, contracts, receipts etc.). Under the Act, stamp duties may be levied either at an ad valorem or flat rate depending on the type or nature of the instrument.


The Finance Act 2019 ("the FA 2019"), particularly section 52, expanded the scope of the SDA to capture electronic transactions. The FA 2019 (in section 54) also expressly introduced stamp duties on bank deposits and transfers.


Download Here - Finance Act 2020


Download Full PDF Report Here

Proshare Nigeria Pvt. Ltd.

Related News

  1. FHC Upholds the Illegality of Stamp Duty Deductions Prior to Amendment of the SDA
  2. Revision of Stamp Duty on NSE Transactions to 0.08% from 0.075% Effective 7th December 2020
  3. Much Ado About the FIRS' 6% Stamp Duty on Leases
  4. Oil Marketers Kick Against N50 Stamp Duty
  5. Merchants Prohibited From Assessing Any Duty or Costs Characterised As Stamp Duty On Consumers
  6. Government Reviews Stamp Duty Charge
  7. Financial Services Agents Call On CBN To Address Stamp Duty Charges
  8. RMAFC Set to Audit Deposit Money Banks Over Stamp Duty Collections
  9. Stamp Duty Under the Banking System
  10. N50 Stamp Duty: Banks begin execution, lists exemptions but still have many issues unanswered
  11. FIRS Provides Clarifications on Administration of Stamp Duties in Nigeria

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Related News