Stamp Duty Assessment Form (Nigeria)

A Stamp Duty Assessment Form in Nigeria records the particulars required for the matter it documents.

The Stamp Duties Act imposes stamp duty on a prescribed list of instruments by reference to their nature and the value of the transaction they evidence. The Finance Act 2019 and subsequent Finance Acts significantly reformed the Nigerian stamp duty regime, clarifying the jurisdictional boundaries between FIRS (which assesses stamp duty on instruments executed between companies or between a company and an individual) and State Internal Revenue Services (which assess stamp duty on instruments executed between individuals). The Finance Act 2020 further amended the Stamp Duties Act to impose a N50 electronic money transfer levy on eligible electronic transfers of N10,000 and above, collected by financial institutions on behalf of FIRS.

Under Section 22 of the Stamp Duties Act, an instrument that is required to be stamped and is not duly stamped is inadmissible in evidence in civil proceedings in Nigeria and cannot be registered with any government registry — including land registries, the Corporate Affairs Commission (CAC), and the Securities and Exchange Commission (SEC). FIRS administers stamp duty collection through its Integrated Tax Administration System (ITAS) portal, and most assessments are now processed electronically through the FIRS TaxPro Max system introduced in 2021.

The rates of stamp duty in Nigeria vary by instrument type: conveyances and transfers attract 1.5% of the higher of the consideration or market value; leases attract graduated rates depending on the annual rent and lease term under the Stamp Duties Act Schedule; mortgage deeds attract 0.375% of the secured amount; and share transfers attract 0.75% of the consideration. The Finance Act 2019 introduced a flat rate for certain low-value instruments and exempted certain categories of instruments from stamp duty to reduce the cost of doing business.

The legal framework governing the Stamp Duty Assessment Form (Nigeria) in Nigeria draws on several key statutes and regulatory bodies. Under Nigerian law, the Companies and Allied Matters Act 2020 (CAMA) regulates corporate entities through the Corporate Affairs Commission (CAC). The Labour Act (Cap L1 LFN 2004) and the National Industrial Court of Nigeria (NICN) govern employment disputes. The Nigeria Data Protection Regulation (NDPR) 2019 and the Nigeria Data Protection Commission (NDPC) protect personal data. The Federal Inland Revenue Service (FIRS) administers tax obligations under the Companies Income Tax Act. The Federal High Court and state High Courts have jurisdiction over civil matters. Parties executing a Stamp Duty Assessment Form (Nigeria) in Nigeria should confirm the document reflects current law, including any amendments enacted since the original drafting date. The Stamp Duties Act (Cap. S8, LFN 2004) sets the foundational requirements.

A Stamp Duty Assessment Form is required in Nigeria whenever a chargeable instrument must be presented for stamping before registration or use in legal proceedings.

A Stamp Duty Assessment Form is required when a Deed of Conveyance, Deed of Assignment, or Deed of Legal Mortgage for real property in Nigeria must be stamped before registration at the relevant State Land Registry. Without the FIRS or State IRS stamp duty assessment certificate, the State Land Registry in Lagos, Abuja, Rivers State, or any other state will refuse to register the instrument.

A Stamp Duty Assessment Form is needed when a commercial lease agreement exceeding a fixed term — typically any lease with a term of one year or longer — must be stamped to be legally effective and admissible in evidence before Nigerian courts. Section 22 of the Stamp Duties Act renders unstamped leases inadmissible.

A Stamp Duty Assessment Form is required when a company executes a Share Transfer Form (Form CAC 2A under CAMA 2020) and the transfer must be stamped at the applicable 0.75% rate before the CAC will register the transfer in the company's register of members.

A Stamp Duty Assessment Form is needed when a party to a dispute wishes to tender an unstamped instrument in evidence before a court or arbitral tribunal in Nigeria. The instrument may be admitted subject to payment of the outstanding duty plus a penalty under Section 23 of the Stamp Duties Act.

A Stamp Duty Assessment Form is required when a foreign company or investor registers a power of attorney, joint venture agreement, or shareholders' agreement in Nigeria, as these instruments are chargeable to ad valorem or fixed stamp duties depending on their nature and the parties involved.

Parties in Nigeria should prepare a Stamp Duty Assessment Form (Nigeria) proactively rather than waiting for a dispute to arise. Courts interpret agreements based on the written terms rather than oral representations. Under Nigerian law, the Companies and Allied Matters Act 2020 (CAMA) regulates corporate entities through the Corporate Affairs Commission (CAC). The Labour Act (Cap L1 LFN 2004) and the National Industrial Court of Nigeria (NICN) govern employment disputes. The Nigeria Data Protection Regulation (NDPR) 2019 and the Nigeria Data Protection Commission (NDPC) protect personal data. The Federal Inland Revenue Service (FIRS) administers tax obligations under the Companies Income Tax Act. The Federal High Court and state High Courts have jurisdiction over civil matters. Where the transaction involves regulated activities, prior approval from the relevant authority may be required before execution.

A complete Stamp Duty Assessment Form for submission to FIRS or the State Internal Revenue Service must contain the following essential elements.

Instrument Details: The type of instrument for which assessment is sought (e.g., Deed of Conveyance, Lease Agreement, Mortgage Deed, Share Transfer), the date of execution, the parties to the instrument by full legal name and Tax Identification Number (TIN), and the instrument reference number.

Transaction Value: The consideration or value on which stamp duty will be assessed — for conveyances, the purchase price or assessed market value (whichever is higher); for leases, the annual rent multiplied by the lease term; for mortgages, the principal secured amount. All values must be stated in Nigerian Naira (NGN) in accordance with the Stamp Duties Act.

Assessing Authority: Identification of whether the instrument is subject to FIRS assessment (instruments involving at least one corporate party under the Finance Act 2019) or State Internal Revenue Service assessment (instruments between individuals only). The Finance Act 2019's clarification of this jurisdictional boundary was confirmed by the Supreme Court of Nigeria in AG Rivers State v FIRS [2021] and related cases.

Applicant's Details: Full legal name of the person or entity submitting the assessment form, Tax Identification Number (TIN), registered address, and contact details. For corporate applicants, the CAC RC number under the Companies and Allied Matters Act 2020.

Supporting Documents: Copies of the instrument to be stamped, evidence of the transaction consideration (e.g., purchase receipt, valuation report from an RICS or NIESV-registered valuer), proof of payment of prior assessments where applicable, and any applicable exemption claims with supporting documentation.

Payment Reference: FIRS or State IRS payment reference number confirming remittance of the assessed duty amount, which must be paid before the official stamp is affixed. Payment is made through the FIRS TaxPro Max portal or designated bank collections accounts.

Additional compliance elements for a Stamp Duty Assessment Form (Nigeria) used in Nigeria include: Under Nigerian law, the Companies and Allied Matters Act 2020 (CAMA) regulates corporate entities through the Corporate Affairs Commission (CAC). The Labour Act (Cap L1 LFN 2004) and the National Industrial Court of Nigeria (NICN) govern employment disputes. The Nigeria Data Protection Regulation (NDPR) 2019 and the Nigeria Data Protection Commission (NDPC) protect personal data. The Federal Inland Revenue Service (FIRS) administers tax obligations under the Companies Income Tax Act. The Federal High Court and state High Courts have jurisdiction over civil matters. Forms-legal.com provides this template as a starting point for Nigeria-compliant documentation.