Nigerians will now pay stamp duties on all forms of electronic notifications acknowledging receipts of funds.
This includes SMS and messages on any electronic platform such as emails and Whatsapp messages.
This is according to a circular that was signed by FIRS’ Executive Chairman, Muhammad Nami, as seen on the tax agency’s website. Part of the circular said:
“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 FIRS circular also stated that stamp duties will be paid on “POS receipts, fiscalised device receipts, Automated Teller Machine (ATM) print-outs.”
(READ MORE:Nigerians react as FIRS Chairman asks companies to pay tax before due date)
The circular went further to categorically state that all receipts, either printed or electronically generated, or any form of electronic acknowledgement of money transactions, will attract the stamp duty of N50.
The agency also clarified that it is the only body authorised to collect such duties because “the Federal Inland Revenue Service is the only competent authority to impose, charge, and collect duties upon instruments specified in the schedule to this act if such instrument relates to matters executed between a company and an individual, group or body of individuals.”
The instruments subject to charge, as 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; and Ad-valorem instruments such as Tenancy or lease agreements, legal mortgage or debentures, Sales agreements and Deed of assignments.
This is going to be heavy on Nigerians. In a day, one might be charged between N500 to N1000.
Please I want more clarifications as banks now charge stamp duty on salaries paid into account from Federal Government through IPPIS. Are salaries included or exempted from stamp duty charges?
They are not serious.
So the SMS charges and other charges they take for those services isnt enough, they have to use this medium to steal and take from us in this trying time.
We keep our money with your various estabilishments to invest and play around with as you see fit while some funny business sometimes goes on with our funds, now you want to empty our account with this? But trust Nigerians,docile sheep they would want to go along with it when we are suppose to fight this outrage.
How much would they amass in a day, a week or a month with this stupid charge?
Me am going to my banks to remove all these notifications before they use it to clear person’s account.
Mshewww crazy country!?
This is not ok, they charge ATM maintenance fee, they charge sms fee, they charge on 52 naira n less on every tranaction to other banks, now they are adding stamp duty.
How much exactly will now be left in our account.they cant give interest on our money why are they extorting from us again. So in a day they want to b removing close to 500-1000 in one’s acct for a transfer transaction. Nigerians pls let wake up. And fight this. U can imagine when access bank removed over 30k for someone acct for accumulated stamp duty. If they are removing this kind of amount in our account wht is Nigeria still borrowing.
By right saving account should give the holder some interest but Nigeria has decided to sap the money of her citizens , all in the name of multiple tax
What a crazy country we’re in… All these is obviously for extorting money from Nigerians