FIRS Directs Banks To Deduct 0.375% Stamp Duty On Certain Transactions

The Federal Inland Revenue Service (FIRS) has directed all Nigerian banks to deduct stamp duty on certain transactions that require duty payments such as contracts and legal mortgages.

A notice from Access Bank to its customers said a 0.375 per cent charge would be applied to loans backed by legal mortgage, shares, debentures, or bonds.

It said, “In compliance with this directive, we have taken measures to streamline the process to make transactions more convenient for you.

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“To this end, a stamp duty charge of 0.375 per cent will be applied to loans backed by legal mortgage, shares, debentures, or bonds. The charge will be applied on the value of the Legal Mortgage, Shares, Debentures or Bonds and remitted to the Federal Inland Revenue Services.

“However, all previously approved loans will remain unchanged and should be repaid in full as per the agreed terms and conditions,” the bank notified its customers.