Citizens To Pay N50 Stamp Duty On Electronic Receipts, - FG
Citizens To Pay N50 Stamp Duty On Electronic Receipts, - FG

The Federal Inland Revenue Service, FIRS says it will from now charge Nigerians 50 naira stamp duties on all forms of electronic notifications, which includes SMS and messages such as emails and WhatsApp messages.

The Service’s Chairman, Muhammad Nami in a circular published on its website, also stated that all receipts, either printed or electronically generated, or any form of electronic acknowledgement of money transactions, will attract the stamp duty of 50 naira.

He also stressed that it is only the service is authorised to collect stamp duties adding that the mechanisms are subject to charge, as listed in the circular, which includes; 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.

Nami explained that Ad-valorem instruments such as Tenancy or lease agreements, legal mortgage or debentures, Sales agreements and Deed of assignments are also included.  He also noted that 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 10,000 upwards shall attract a singular duty of 50 Naira.