Nigerians To Pay Stamp Duty On ATM Printouts, WhatsApp Messages

Nigerians To Pay Stamp Duty On ATM Printouts, WhatsApp Messages

The Federal Inland Revenue Service (FIRS) has launched an official assertion which says Nigerians would now be required to pay stamp obligation on WhatsApp messages, SMS, and messages by way of any digital platform acknowledging receipt of funds.
According to the assertion which was launched in April, such obligation shall be paid on “POS receipts, fiscalised device receipts, Automated Teller Machine (ATM) print-outs”.

FIRS gave illustrations of conditions the place Nigerians are anticipated to pay stamp duties, one in every 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 obligation is payable.

“Mr XYZ is required to make a disclosure of the main points of the transaction utilizing FIRS e-stamp obligation platform or to the related stamp duties Commissioner. This will result in evaluation and fee of applicable stamp duties and a consequential issuance of a stamp obligation certificates 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 company provides that “all electronic dutiable instruments or receipts”, together with e-mails, quick message service (sms), instantaneous messages (IM), any internet-based messaging service, are topic to stamp obligation.

Sammy Jemmy

Sammy Jemmy

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