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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