The Federal Inland Revenue Service (FIRS) has made available detailed information to guide taxpayers and the general public on rates payable as stamp duty.
The disclosure was made in a public statement by the Director Communications and liaison Department of the FIRS, Abdullahi Ahmad, on Tuesday July 21, 2020.
Ahmad noted that the clarification was made following several requests by taxpayers who want to know about the current administration of Stamp Duties Act in the country.
According to News Agency of Nigeria (NAN), Ahmad stated that the clarification guide was contained in a Public Notice signed by Executive Chairman of FIRS, Mr Muhammad Nami, and was published on the official website of FIRS, www.firs.gov.ng.
Nami was quoted as saying, “stamp duty is a tax payable in respect of dutiable instrument as provided under the Stamp Duties Act, CAP S8, LFN 2004 (as amended).
“Such instruments include Agreements, Contracts, Receipts, Memorandum of Understanding (MOU), Promissory notes, Insurance policies and others stipulated in the Schedule to the Stamp Duties Act.
“Stamp Duty is chargeable on both physical and electronic instruments in two ways i.e. Ad-valorem, where duty payable is a percentage of the consideration on an instrument; or Flat Rate, where a fixed sum is chargeable irrespective of the consideration on dutiable instrument or document.”
Going further, Nami listed at least 50 types of transactions that are eligible for stamp duty deductions.
Some of the listed chargeable transactions include bank deposit or transfer, loan agreement, Memorandum of Understanding (MoU) related to land, sales agreement, will, tenancy/lease agreement and all receipts.
The FIRS boss while making the clarification noted that the recently inaugurated FIRS Adhesive Stamp was not the same as postage stamp which is administered by NIPOST for the purposes of delivery of items and documents.
According to Nami, “The burden of payment of stamp duties whether fixed or ad-valorem is that of the beneficiaries of a contract, or Money Deposit Banks’ customers who transfer an amount of N10,000 and above from his account to another customer’s account.
“It is the responsibility of Ministries, Departments and Agencies (MDAs), Money Deposit Banks (MDBs), Companies, Landlords, Executors, among others to ensure that service providers, contractors and tenants pay stamp duties due on agreements, receipts and other dutiable instruments
“Failure to deduct or remit stamp duties into the Federal or State Stamp Duties Account attracts relevant penalties and interest as stipulated in the Stamp Duties Act, Cap S8, LFN 2004 (as amended).”
A public notice by FIRS, seems to put paid to the controversy/tussle between the service and NIPOST on who should rightly collect stamp duty on behalf of the government.
The public notice reiterates the powers of the FIRS to collect stamp duties on dutiable instruments where such instruments are executed between a company and an individual, group or body of individuals, in line with section 4(1) of the Stamp Duties Act as amended by the Finance Act.
COVID-19 Update in Nigeria
On the 29th of October 2020, 150 new confirmed cases and 2 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 62,521 confirmed cases.
On the 29th of October 2020, 150 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 3,008 samples across the country.
To date, 62,521 cases have been confirmed, 58,249 cases have been discharged and 1,141 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 620,758 tests have been carried out as of October 29th, 2020 compared to 617,750 tests a day earlier.
COVID-19 Case Updates- 29th October 2020,
- Total Number of Cases – 62,571
- Total Number Discharged – 58,249
- Total Deaths – 1,1141
- Total Tests Carried out – 620,758
According to the NCDC, the 150 new cases are reported from 9 states- Lagos (89), Rivers (19), Ogun (11), Bayelsa (9), Kaduna (8), Plateau (8), Taraba (3), Osun (2), Delta (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 21,106, followed by Abuja (6,028), Plateau (3,630), Oyo (3,433), Rivers (2,809), Edo (2,657), Kaduna (2,641), Ogun (2,027), Delta (1,814), Kano (1,746), Ondo (1,666), Enugu (1,314), Kwara (1,069), Ebonyi (1,049), Katsina (952), Osun (925), Abia (898), Gombe (883). Borno (745), and Bauchi (711).
Imo State has recorded 616 cases, Benue (491), Nasarawa (482), Bayelsa (412), Ekiti (332), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (165), Taraba (146), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Nigeria now generates 13,000mw of power – Minister of Power
Nigeria’s installed grid power generation capacity has increased from 8,000mw to 13,000mw under President Muhammadu Buhari.
Minister of Power, Engineer Sale Mamman, disclosed that Nigeria’s installed grid power generation capacity has increased from 8,000mw to 13,000mw under the leadership of President Muhammadu Buhari.
This was stated by the Minister during the 2021 budget defence, before the House of Representatives Committee on Power in Abuja, as reported on the Twitter handle of the Office of the Minister of Power today.
Nigeria now generates 13,000mw of power, says Minister.
The Minister of Power, @EngrSMamman has said that the Nigeria’s installed grid power generation capacity has grown from 8,000mw to 13,000mw under the leadership of President @MBuhari pic.twitter.com/4CJhyS6DXs
— Office of the Minister of Power (@PowerMinNigeria) October 29, 2020
However, members of the committee raised concerns about power supply to their various constituencies, urging the minister to ensure adequate supply.
The Minister explained that the distribution system had the capacity to evacuate 5,500mw of power, which is a significant improvement from 4,500mw in 2015, and that better performance should be expected in the near term.
Engr. Aliyu Magaji (APC-Jigawa), the Chairman of the committee, asked the Minister to mete out stiffer sanctions to the Distribution Companies (DisCos), to make them to sit up and provide the desired services to Nigerian people.
Magaji said that if the minister ensured the sanction of the DisCos, he would become the darling of lawmakers and the entire Nigerians.
What they are saying
On the performance of the Ministry since 2015, Engineer Mamman said:
“During the period between 2015 to date, the sector has recorded successes and has faced challenges. In order to deliver this administration’s promise of providing stable and affordable power to Nigerians, a way forward was defined and supported by Mr. President’s political will.”
Desmond Elliot apologises for addressing the youths as “Children”
Elliot apologised and allegedly broke down in tears on Live TV for addressing #EndSARS protesters as children.
Desmond Elliot, a member of the Lagos State House of Assembly, apologised and allegedly broke down in tears on live TV for addressing #EndSARS protesters as “Children.”
The lawmaker disclosed this in a statement he issued via his Twitter handle and on a live TV interview on Thursday.
Elliot explained that he was carried away by his emotions, which was the reason he used such a word to describe the protesters on the floor of the house.
He tweeted, “I have read your honest feedback& suggestions& [sic] I sincerely apologize for addressing the youths as ‘Children.’
“I did not mean to be insensitive with this, it was borne out of the magnitude of destruction&looting [sic] of businesses I witnessed when I went on a tour of my constituency.
“I saw women crying and my constituent members distraught as a result of the damages inflicted on their source of livelihood. I was moved by this while giving my submission on the floor of the House.
“I allowed my emotions get the better of me and for this I apologize to everyone my earlier statements may have hurt.”
1. I have read your honest feedback& suggestions& I sincerely apologize for addressing the youth as “Children”
I did not mean to be insensitive with this, it was borne out of the magnitude of destruction&looting of businesses I witnessed when I went on a tour of my constituency
— Desmond Elliot (@DesmondOElliot) October 29, 2020
What you should know
The lawmaker, who is also a film maker, in his submission at the House on Thursday, allegedly pushed for the passing of a social media regulation bill.
His controversial statement received lots of criticisms, as many Nigerian youths attacked him for referring to youths as “children” and for also pushing for the regulation of social media.