Stamp Duties: For some documents to become legally binding, stamp duties must be paid.
That leads us to the question, what are stamp duties?
According to information provided by the Federal Inland Revenue Service, Stamp Duties are duties levied on documents such as, agreements, payment receipts, land and property transactions, share capital, mortgage, loans etc. to give them legal recognition.
There are two forms of Stamp Duties:
Fixed Duties:
- These are duties that do not vary with consideration, e.g. duties on payment receipt, proxy forms, guarantor forms, etc.
Ad-valorem:
- Duties that vary with consideration, e.g. duties on Share Capital, Deed of Assignment, Debenture, Bills of Exchange, etc.
How can one verify the genuineness of a Stamp Duty Certificate?
Copy the Certificate Number and go to www.stampduty.gov.ng and on the Menu bar, click on ‘verification’, paste the Certificate Number and click on ‘verify’
How do I pay for Stamp Duties?
It’s easy, just go to www.stampduty.gov.ng