In case you missed our Webinar on ‘Stamp Duty and the Real Estate Sector’: Recording and Takeaways

Yesterday, 5 August. 2020, we at Vi-M Professional Solutions held a webinar on ‘Stamp Duty as it impacts Nigeria’s Real Estate sector’.

The following tax men joined our Partners on the webinar, to provide the Revenues’ positions on the operation of Stamp Duties in Nigeria:

1. Mr. Mathew Sanya Gbonjubola (Director, Tax Policy at the Federal Inland Revenue Service)
2. Mr. Waidi Ogunnorin (Lagos State Commissioner for Stamp Duties)

For those who missed the webinar, Here is the live recording on YouTube:

Some takeaways from the webinar include:

1. Most of the Stamp Duty rates being charged in practice, particularly by the FIRS, are JTB harmonised rates from 2002 (according to the Tax Policy Director), which are much higher than the rates actually stipulated by the Stamp Duties Act (SDA) of 2004 as amended.

2. These JTB harmonised rates have not been signed into law nor gazette, meaning that the provisions of the SDA still hold legal pre-eminence over them, until such a time that the laws are amended or signed, to reflect them. 

3. Consultations with stakeholders are on-going, to agree on more realistic rates and amend (and gazette) the SDA accordingly.

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