As a follow up to our last post on Stamp Duty, today we will be educating you a little further.
Stamp duty is basically charged in two forms, either ad valorem; where duty payable is a percentage calculated based on the consideration on instrument or a fixed sum also called Nominal, irrespective of the consideration on dutiable instrument or the documents.
The Stamp Duty Commissioner is appointed by the relevant authority (either Federal or State) as prescribed by jurisdictional authority to administer the Act. His/her functions are to administer the provision of the act to the letter and to supervise the Stamp Duties office; adjudicating/assessment, stamping, imposition of penalties where necessary, ensuring the security of stamp instruments, and accounting for duties collected.
Stamp duty is charged in two forms:
Ad valorem- where duty payable is a percentage calculated based on the consideration on instrument (e.g. conveyance deeds).
Fixed sum (Nominal)- irrespective of the consideration on dutiable instrument or the documents, same amount is paid e.g. receipts.
In my next post, I will share more still on this topic.