STAMP DUTIES IN NIGERIA
Stamp duty is a tax imposed by the government on various documents and transactions, including property transfers, leases, and agreements. It is not a strange phenomenon to all the Countries of the World except for largely socialist Countries and extremely opulent Countries that do not concentrate on tax contributions from their citizens, both natural and artificial, for the purpose of financing the provision of social and governmental services.
Stamp duty is governed by the Stamp Duties Act and administered by the Federal Inland Revenue Service (FIRS).
Small businesses are to use the table below as a guide in computing how much they are generally required to pay in compliance with the extant laws regulating stamp duties in Nigeria.
While it is largely calculated based on flat fees, the other basis is ad valorem (based on the value) of the exact amount involved.
TABLE:
