• - It is governed by Stamp Duties Act, CAP S8, LFN 2004 (as amended)
  • - It is administered on written documents only
  • - It is administered by both FIRS, FCT and respective States Internal Revenue
  • Service(IRS)
  • - FIRS assesses and collects duties on documents executed between a company and an individual, group or body of individuals
  • - FCT and States Internal Revenue Service(IRS) assess and collect duties on documents executed between persons or individuals
  • - A Commissioner of Stamp Duties adjudicates on the amount of duty payable on instrument (Adjudication is the process of determining the correct amount of duty payable on an instrument)
  • Forms of Stamp Duties
    • Fixed Duties- duties that do not vary with consideration, e.g. duties on payment receipt, proxy forms, guarantor forms, etc.
    • Ad-valorem- Duties that vary with consideration, e.g. duties on Share Capital, Deed of Assignment, Debenture, Bills of Exchange, etc.
  • - Methods of stamping: Embossing with die, Affixing adhesive stamp and Affixing postage stamp in lieu of adhesive stamp
  • - Duties are paid before documents are executed




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