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The FIRS recently stepped up to its mandate with respect to the Stamp Duties Act (SDA,) as provided in the Finance Act 2019, by issuing a Public Notice on 19 July 2020. Click on the link below for more details. bit.ly/2P3e1wG #tax #financeact #stampduty KPMG Nigeria

The implication of FIRS’ pronouncement is that all unspecified instruments will attract stamp duty at the rate of 1%. This is at variance with the provisions of the SDA as you have mentioned in your question... #KPMGTAXCHAT

...The Stamp Duties Act and the Finance Act, 2019, which amended certain provisions of the SDA, are the only legal bases for the imposition of stamp duties in Nigeria. The 1% rate may have been derived from the Joint Tax Board (JTB) Harmonization... #KPMGTAXCHAT

...schedule, which purportedly amended the SDA. However, the Schedule has no legislative backing as it did not result from the prescribed process in the SDA for amending the Act. #KPMGTAXCHAT

Thus, until the alleged 1% stamp duty on contracts is codified into law, it will not be enforceable. #KPMGTAXCHAT

How much do you know about your #taxes? Are you aware about its impact on you and/or your business? Ensure you put your house in order before the Tax Authorities get to you! Read/download the leaflet below and gain helpful insights. #Tax #Budget #VAT #Debt #Revenue KPMG Africa

“ The circumstances for which a business would be taxed as foreign tax would depend on if it has a taxable business in Nigeria“ @king_wales , Associate Director, Tax, Regulatory & People Services, KPMG Nigeria at the ongoing Tax chat. #staysafe #KPMGTaxChat #tax #finance #consumers

‘‘Online businesses that have economic presence in different countries would be taxable in their country of incorporation and others accordingly’’ @king_wales , Associate Director, Tax, Regulatory & People Services, KPMG Nigeria at the ongoing Tax chat. #staysafe #KPMGTaxChat

‘‘Many countries are concerned that the Organisation for Economic Co-operation and Development (OECD) approach hasn’t been implemented’’ @king_wales , Associate Director, Tax, Regulatory & People Services, KPMG Nigeria at the ongoing Tax chat. #staysafe #KPMGTaxChat #tax #finance

Another engaging edition of our monthly Social Media Tax chat is here! This month’s Tax chat is scheduled to hold on Tuesday, 20 September 2022 by 10am. Join our host, Oludayo Adeniji, Senior Manager, Tax, Regulatory and People Services, KPMG Nigeria , as he provides insights on...

We are now counting down every second to the KPMG-Arise TV "Budget Day".

What are you waiting for? Set your alarms, block your calendars, tell someone to remind you to tune in to DSTV Channel 416 or stream the ARISE NEWS portal (online) to watch this programme at 11 am (WAT) today. Don't miss out on this event! #KPMGAriseTVBudgetDay #2023FGNBudget