Nigerians To Start Paying N50 Stamp Duty On Electronic Receipts, Notifications

Nigerians will now be charged stamp duties on all forms of electronic notifications including SMS and messages on any electronic platform such as emails and WhatsApp messages.

According to the Federal Inland Revenue Service (FIRS), henceforth, Nigerians will be charged N50 for these notifications.

This development was contained in a circular signed by FIRS’ Chairman, Muhammad Nami, published on the Service’s website and obtained by Naija News.

The circular highlighted that all receipts, either printed or electronically generated, or any form of electronic acknowledgment of money transactions, will attract the stamp duty of N50.

It added that the FIRS is the only body authorized to collect stamp duties and that the instruments are subject to charge.

The instruments listed in the circular, include; fixed duty instruments such as Power of Attorney, Certificate of Attorney, Proxy forms, Appointment of receivers, Memorandum of Understanding, Joint Venture Agreements, Guarantors form, Ordinary agreements and Receipts.

Ad-valorem instruments such as Tenancy or lease agreements, legal mortgage or debentures, Sales agreements and Deed of assignments are also included.

“Any electronic receipt for, or electronic transfer of, money deposited with any bank or with any banker in any type of account of an amount from N10,000 upwards shall attract a singular or one-off duty of the sum of N50.

“Stamp duty upon receipt (written, printed or in electronic form) for transactions between corporate bodies or between a corporate body and an individual, group or body of individuals, which amounts to N10,000 and above, shall be denoted by payment of N50 per receipt to the service,” the circular noted.