- 15 Marks
TAX – Nov 2023 – L2 – Q5 – Tax Administration and Enforcement
Explain stamp duty exemptions, electronic document receipt, duties on contracts, and electronic money transfer levies.
Question
Stamp duties are duties basically on instruments (defined to include written document). Stamp duties are governed by Stamp Duties Act Cap. S8 LFN 2004 (as amended), which provides for the levying of duties on certain matters specified in the Act, effective April 1, 1993.
a. Explain THREE instruments exempted from stamp duties. (3 Marks)
b. Describe when electronic documents are considered received in Nigeria. (3 Marks)
c. Discuss duty on contracts. (3 Marks)
d. Explain the electronic money transfer levy. (6 Marks)
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