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Joint Tax Board

Harmonisation of Stamp Duty Rates and items

 

 

1st day of July 2002

 

The Joint Tax Board at its meeting in Birnin Kebbi, Kebbi State between 7th and 8th May 2002, reviewed some Stamp Duties Rates in line with section 4(1) and (2) of the Stamp Duties Act Chapter 411 LFN 1990.

  

The Board reviewed the Stamp Duty Rates to reflect the current economic realities in the country and to ensure harmonisation and uniformity in the application of the rates. The revised rates are as follows

 

 

Instruments chargeable by the State Internal Revenue Service

 

A. Flat Rate Charges

 

 

 

Type of Instrument

Old Rate

New Rate

       

1.

Affidavit-Affirmation, Statutory declaration. Declaration of age, Declaration of loss of items; Declaration of Ownership of property etc.

15.00 for original Copy and 10.00

10.00 original Copy and 5.00 extra copy.

2.

Ordinary Tenancy Agreement (not involving corporate bodies, Government or Agencies)

25.00

250.00

3.

Ordinary receipts

 

5.00

4.

Certificate of Occupancy.

100.00

50.00 original copy and 20.00

Counterpart copy.

5.

Agreement (Under Seal)

20.00 original and 10.00 for each extra copy.

50.00 original and 20.00 extra copy

6.

Agreement (Memo of any agreement)

15.00 original and 10.00 extra copy.

50.00 original and 20.00 extra copy.

7.

Oath and other affiliate bodies relating to above

15.00

50.00 original and 20.00 extra copy.

8.

Bond (ordinary)

15.00 original and 10.00 extra copy.

50.00 original and 20.00 extra copy.

9.

Gift (Land) Gift (Other than Land)

15.00

25.00

50.00 original and 20.00 extra copy

10.

Collateral Security

20.00

50.00 original and 20.00 extra copy.

11.

Certificate

15.00

50.00 original and 50.00 original and 20.00 extra copy.

12.

Legacy (Movable Property)

1.00 on every 100.00

50.00 original and 20.00 extra copy.

13.

Proxy forms or cards

50.00

50.00 original and 20.00 extra copy.

14.

Partnership

100.00

50.00 original and 20.00 extra copy.

15.

Bank Guarantee

15.00 original and 20.00 extra copy.

50.00 original and 20.00 extra copy.

16.

Appointment of Trustee or of Attorney

50.00

50.00 original and 20.00 extra copy.

17.

Appointment of Commissioner for Affidavit

50.00

50.00 original and 40.00 extra copy.

18.

Warrants of Attorney of any Kind

50.00

50.00 original and 20.00 extra copy.

19.

Notaries Act

2.50

50.00 original and 20.00 extra copy.

 

 

B. Ad-Valorem Charges

 

 

 

Type of Instrument

Old Rate

New Rate

       

1.

Contract Agreement

1.00 on every 200.00

1.00 on every 200.00

2.

Land Agreement

1.00 on every 50.00

1.00 on every 50.00

3.

Lease Agreement, Sublease agreement

1.00 on every 50.00

3.00 on every 100.00

4.

Lease Hold Agreement or Rent Agreement

   
 

(i)

If the term is less than 1 year

1.00 on every

50.00

 
 

(ii)

1-7 years

40.00 0n every

3.00 on every

(100.00 (multiplied by the number of years)

 

(iii)

7-12 years

40.00 on every 50.00

 
 

(iv)

21 years and above

5.00 on every 50.00

 
 

(v)

Indefinite period

6.00 on every 50.00

 

5.

Deed of Assignment Deed of Ratification, Deed of Confirmation

1.00 on every 50.00

1.00 on every 50.00

6.

Deed of Release, Hire Purchase or Surrender

1.50 on every 200.00

1.00 on every 200.00

7.

Legacy (Immovable)

50.00

1.00 on every 100.00

8.

Promissory Notes/IOU

1.00 on every 200.00

1.00 on every 200.00

 

 

 

Instruments Chargeable by the Federal Inland Revenue Service

 

A. Flat Rate Charges

 

 

 

Type of Instrument

Old Rate

New Rate

       

1.

Bond forms; Guarantor’s forms; Power of Attorney; Scholarship bond; Loan agreement; Sealed agreement; Partnership agreement; Guarantee of Bank Facilities; Trust Deeds; Memorandum and Article of Association; Admission form in French; Articles of Clerkship; Trustee Fidelity Bond; Sealed Declaration; Protest on Bill of Exchange; Maturity claim forms for Insurance Company; Memorandum of Report; Deed of Appointment; Ordinary receipts ; Protest of Will; Dividend Warrants; Proxy cards.

50.00 for original copy and 20.00 per counterpart

500.00 for original copy and 50.00 per counterpart

2.

Ordinary or Open Agreement under hand article;

20.00 for original copy and 20.00 for extra copy.

500.00 for original copy and 50.00 for extra copy.

3.

Legacy (Movable Property)

1.00 on every 100.00

500.00 flat

4.

Appointment of commissioner for Affidavit;

50.00

500.00 for original copy and 50.00 for extra copy

5.

Affidavit-Affirmation; Statutory

Declaration; Agreement (Memo of hand written)(ordinary)

15.00 for original copy and 10.00 for extra copy

100.00 for original copy and 50.00 for extra copy

6.

Agreement ( under seal)

50.00 for original copy and 20.00 for extra copy

500.00 for original copy and 50.00 for extra copy

7.

Appointment of Trustee or of Attorney

50.00

500.00 for original copy and 50.00 for extra copy

8.

Warrants of good; Bonds (under seal); Collateral Security; Guarantor form of understanding

20.00

500.00 for original copy and 50.00 for extra copy

9.

Oath and other affiliate bodies relating to above

15.00

500.00 for original copy and 50.00 for extra copy

10.

Certificate of Occupancy; Partnership

100.00

1000.00 for original copy and 50.00 for extra copy

11.

Gift (Land ); Warrants of Attorney of any kind

50.00

500.00 for original copy and 50.00 for extra copy

11a

Will

50.00

500.00 for original copy and 50.00 for extra copy

12.

Notaries Act;

2.50

500.00 for original copy and 50.00 for extra copy

13.

Bank cheques ( per Leaflet)

00.50

1.00

 

 

B. Ad-Valorem Charges

 

 

 

Type of Instrument

Old Rate

New Rate

       

1.

Insurance Policy/Policies

2.50 on every 2000

3.00 on every 2000

2.

Share capital and share capital increase (TCC required)

2.50 on every 200.00

3.00 on every 200.00

3.

Mortgage or Insurance and or Debentures; Indenture and their up-stamping; equitable Mortgage(e.g. Deposit)

2.50 on every 200.00

3.00 on every 200.00

4.

Bill of Sale

2.50 on every 200.00

2.00 on every 200.00

5.

Assignment from Bank (Amount written on top corner); Discharge (from Insurance Company); Indemnity or lease of Mortgage.

1.50 on every 200.00

2.00 on every 200.00

6.

Contract relating to shares (usually no sheet); Loan agreement from Insurance Co.

0.75 on every 200.00

2.00 on every 200.00

7.

Surrender; Bill of Exchange

0.5 on every 200.00

1.50 on every 200.00

8.

Promissory notes of ordinary documents

0.25 on every 200.00

2.00 on every 200.00

9.

Lease agreement on plant and Machinery

50.00 for original copy and 20.00

3.00 on every 200.00

10.

Goodwill; Debenture; Settlement

2.50 on every 200.00

4.00 on every 200.00

11.

Premium

1.50 on every 200.00

3.00 on every 200.00

12.

Contract agreement

1.00 on every 200.00

2.00 on every 200.00

13.

Land agreement

1.00 on every

200.00

1.00 on every 50.00

14.

Deed of assignment; Confirmation; Ratification

1.00 on every 50.00

1.50 on every 50.00

15.

Deed of conveyance or transfer on sale of property

1.00 on every ?0.00

2.00 on every 200.00

16.

Lease agreement; sub-lease agreement

1.00 on every 50.00

3.00 on every 100.00

17.

Tenancy agreement or form

25.00

3.00 on every 100.00

18.

Leasehold agreement or Rent agreement

   
 

(i)

If the term is less than 1 year

1.00 on every 50.00

 
 

(ii)

1-7 year

4.00 on every 50.00

 
 

(iii)

7-21 year

4.00 on every 50.00

3.00 on every

100.00 (multiplied by the number of year)

 

(iv)

21 years and above

5.00 on every 50.00

 
 

(v)

Indefinite period

6.00 on every 50.00

 

19.

Deed of release

1.50 on every 200.00

1.50 on every 200.00

20.

Hire purchase; Lending (money)

1.00 on every 200.00

1.00 on every 200.00

21.

Legacy (Immovable property)

50.00 on every 100.00

1.50 on every 100.00

22.

Policy Insurance Certificate

2.50 on every 200.00

3.00 on every 200.00

23.

Promissory Notes/I.O.U.

1.00 on every 200.00

2.00 on every 200.00

 

 

Non-Chargeable Instruments

 

 

 

Type of Instrument

Old Rate

New Rate

       

1.

Transfer of shares (TCC required)

Free

Free

2.

Shipping agreement

Free

Free

3.

Documents from Ministries and parastatals (letter from the Legal Adviser of the Ministry or Parastatal required)

Free

Free

* TCC means Tax Clearance Certificate

* CGT means Capital Gains Tax.

 

E. N. Osemene

Secretary,

Joint Tax Board

 

 

Stamp Duty in respect of Incorporation of Companies

 

Stamping Memorandum and Articles of Association

 

1.

Original copy of Memorandum and Articles of Association

500.00

 

2.

Additional copies of Memorandum and Articles of Association

500.00 per copy

 

 

 

Stamping in respect of Share Capital

 

Share Capital

Duty Payable

Share Capital

Duty Payable

       

10,000

150

50,000,000

750,000

20,000

300

60,000,000

900,000

30,000

450

70,000,000

1,050,000

40,000

600

80,000,000

1,200,000

50,000

750

90,000,000

1,350,000

100,000

1,500

100,000,000

1,500,000

200,000

3,000

200,000,000

3,000,000

300,000

4,500

300,000,000

4,500,000

500,000

7,500

400,000,000

6,000,000

600,000

9,000

500,000,000

7,500,000

700,000

10,500

600,000,000

9,000,000

800,000

12,000

700,000,000

10,500,000

900,000

13,500

800,000,000

12,000,000

1,000,000

15,000

900,000,000

13,500,000

2,000,000

30,000

1,000,000,000

15,000,000

3,000,000

45,000

2,000,000,000

30,000,000

4,000,000

60,000

3,000,000,000

45,000,000

5,000,000

75,000

4,000,000,000

60,000,000

6,000,000

90,000

5,000,000,000

75,000,000

7,000,000

105,000

6,000,000,000

90,000,000

8,000,000

120,000

10,000,000,000

150,000,000

9,000,000

135,000

20,000,000,000

300,000,000

10,000,000

150,000

30,000,000,000

450,000,000

20,000,000

300,000

40,000,000,000

600,000,000

30,000,000

450,000

50,000,000,000

750,000,000

40,000,000

600,000

   

 

Formula

 

X x 3.0

200

+ 500

Where X=Value of the Share Capital

And 500 is cost of stamping original copy of Memorandum and Articles of Association


For example

 

100,000 x 3.0

200

+ 500

=

1,500 + 500

=

2,000

 

 

* All payments are made in the national currency of Nigeria which is the Naira and the symbol is N  (the capital letter N double struck through) It is also denoted in international notation as NGN