The Cheer News
Breaking News

Nigerians Will Henceforth Pay N50 For All Electronic Notifications – FIRS

The Federal Inland Revenue Service has said that it would henceforth charge Nigerians N50 stamp duties on all forms of electronic notifications.

These include SMS and messages on any electronic platform such as emails and WhatsApp messages.

This was contained in a circular, signed by FIRS’ Chairman, Muhammad Nami, published on the Service’s website.

The circular went further to 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 Service stressed that it is the only body authorised to collect stamp duties adding that 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.

He added that Ad-valorem instruments such as Tenancy or lease agreements, legal mortgage or debentures, Sales agreements and Deed of assignments are also included.

READ ALSO: Umar Warns Buhari On Nepotism In His Appointments

The circular 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 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.”

Related posts

The total number of confirmed COVID-19 cases in Uganda is 1182


#ENDSARS PHASE2: Police Vows To Clampdown On Protesters


COVID-19 Reported Cases in Ethiopia For Sunday


Leave a Comment