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Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS - Business - Nairaland

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Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by ExAngel007(f): 1:27pm On May 29
The Federal Inland Revenue Service (FIRS) says Nigerians will now pay stamp duties on WhatsApp messages, SMS, and messages via any electronic platform acknowledging receipt of funds.

The revenue service also stated that stamp duties will be paid on “POS receipts, fiscalised device receipts, Automated Teller Machine (ATM) print-outs”.

According to an information circular published by the agency, and seen by TheCable, Nigerians will also be required to pay stamp duties on SMS acknowledging receipt of funds.

FIRS gave illustrations of situations where Nigerians are expected to pay stamp duties, one of them says: “ABZ Ltd’s chief accounting officer, after receiving a cash payment of N500,000 from Mr. XYZ on behalf of ABZ Ltd., composed a message which reads: ‘receipt of N500,000 is hereby acknowledged’ and sent same to Mr. XYZ via WhatsApp messenger”.

“In this case, the WhatsApp message acknowledging the receipt of N500,000 constitutes a receipt for which stamp duty is payable.

“Mr XYZ is required to make a disclosure of the details of the transaction using FIRS e-stamp duty platform or to the relevant stamp duties Commissioner. This will lead to assessment and payment of appropriate stamp duties and a consequential issuance of a stamp duty certificate or an acknowledgement.

“Such certificate or acknowledgement will suffice as evidence that stamp duties have been paid and that the electronic receipt has been stamped appropriately.”

The agency adds that “all electronic dutiable instruments or receipts”, including e-mails, short message service (sms), instant messages (IM), any internet-based messaging service, are subject to stamp duty.

The circular, issued in April, clearly stated that “all printed receipts” and “all electronically generated receipts and any form of electronic acknowledgement of money for dutiable transactions” are liable to duty payment.

PWC FAULTS ENFORCEMENT
In its analysis of the circular, PwC Nigeria said a major issue with the Stamp Duties Act (SDA) in its current form is the “practicability of enforcing compliance”.

“The practical application of this is doubtful and even where the FIRS attempts to enforce this, taxpayers may challenge the FIRS’ definition of the term, as the Act itself does not provide a definition.

“While the Circular encourages the payment of stamp duties via the FIRS’ e-platform, there have been complaints that the platform does not facilitate bulk remittance of stamp duties, as the platform only allows individual stamping of documents. The FIRS should address this.

“In general, the SDA (enacted in 1939) needs to be repealed and re-enacted to be in tune with modern day business and economic realities.”

The Finance Act (FA) 2019 introduced some amendments to the Stamp Duties Act (SDA) which necessitated this recent circular by the FIRS.

In line with the amended SDA, a N50 stamp duty is payable on any bank deposit or transfer of N10,000 or more, except deposits or transfers between accounts maintained by the same person in the same bank.

https://www.thecable.ng/icymi-you-will-now-pay-stamp-duty-on-atm-printouts-some-whatsapp-messages-says-firs

3 Likes 9 Shares

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by Vyzz: 1:36pm On May 29
grin



Just Why?

67 Likes 3 Shares

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by Sonoyom(m): 1:40pm On May 29
Buhari and his 40 thieves on the beat.

602 Likes 39 Shares

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by Balenciagaokey: 1:54pm On May 29
This is Wickedness.. Collecting money from Hardworking Businessmen and giving it to Lazy politicians..
Meanwhile No reasonable Infrastructural development in Nigeria.

385 Likes 20 Shares

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by Balenciagaokey: 1:54pm On May 29
cool

3 Likes 1 Share

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by Balenciagaokey: 1:55pm On May 29
lipsrsealed

1 Like

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by Man90(m): 1:55pm On May 29
grin

1 Like

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by jojofola: 1:55pm On May 29
They are talking about generating revenue but they can't reduce cost of governance; take pay cuts, introduce transparent policies on public funds and IGRs.

Let's just pretend that this country isn't dead yet.

358 Likes 19 Shares

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by mayskit4luv(m): 1:55pm On May 29
This people are mad.... na everyday person dey pay 50 naira

114 Likes 6 Shares

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by Oluwasaeon(m): 1:55pm On May 29
But one 43 year old man with 3 starving children will come to nairaland.com to tell us Buhari is the best we've had.

460 Likes 33 Shares

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by Ernerstdavid55(m): 1:55pm On May 29
grin
Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by KingRabota: 1:55pm On May 29
Messages to this chat , and to calls are secured with end to end encryption.
How dem wan take read the message.
Mechie onu nsi gi dia !

171 Likes 12 Shares

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by tofolo(m): 1:55pm On May 29
kukuma kill us kowai...... angry

17 Likes

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by akinbode1(m): 1:55pm On May 29
Hahaa shocked
Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by aremz(m): 1:56pm On May 29
Cruise
Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by MylezKayn(m): 1:56pm On May 29
After 5 years of #FailedLeadership, Poor Economic policies and unfettered looting Nigeria has run out of Money. From now till 2023 there's go to be unparalleled suffering. Better brace yourself for impact

When progressives talk about the rot in the system, our 30k BMC brethren attack us.

All lies and falsehoods will definitely come to an end.

P.S: If you quote me for rubbish, I'll give it to you "Hot Hot"

84 Likes 1 Share

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by Mykel51(m): 1:56pm On May 29
Osanobuwa !

Na to just carry gun remain for this Nami guy...

15 Likes

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by politeme: 1:56pm On May 29
This government is bent on milking poor Nigerian's dry, God abeg save your people

29 Likes 1 Share

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by Naija246: 1:56pm On May 29
These people are bastard's sad

64 Likes 3 Shares

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by SultanOfAbia: 1:56pm On May 29
Naw
Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by chloroform: 1:56pm On May 29
It will end in tears. Premium standard tears.

14 Likes

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by seunlayi(m): 1:56pm On May 29

If I m owing somebody and I started begging him to forget my debt, can I at the same time ask him to borrow me more money? undecided


"Whatever my lot, thou hath taught me to say it is well, it is well with my soul".

FG can't make me to sin against God.

10 Likes 1 Share

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by samuel19222(m): 1:56pm On May 29
Damnn niggarrr

so una mean say all this loan wey Gen. Buhar.i dey collect upandan na for our body una wan dey comot am small small



How I wish I wasn’t born in this damnn country call naija, but however I can’t blame God, because he get why.

9 Likes

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by pickatyou: 1:56pm On May 29
Nigeria about to witness getting fvcked 2.0

15 Likes

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by Gracejeri(f): 1:56pm On May 29
I weep for my country...

12 Likes 1 Share

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by kamez(m): 1:56pm On May 29
hian!!!..

Las Las buhari bu otule okuko


ezigbo afo anu ka obu!!!!

13 Likes

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by omoadeleye(m): 1:56pm On May 29
Lmao

1 Like

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by samuel19222(m): 1:56pm On May 29
Ok

1 Like

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by ednut1(m): 1:56pm On May 29
Is this not Madness. We have not see any tangible benefits of the current stamp duties.

23 Likes

Re: Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS by PoshBoss007(m): 1:56pm On May 29
Who go help us settle this matter now ehn? These guys are borrowing our future and also wrecking us. Why can't they all take a fucking pay cut?

32 Likes

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