Friday, October 31, 2025
  • About
  • Advertise
  • Careers
  • Contact
Newsroom Nigeria
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life
No Result
View All Result
Newsroom Nigeria
ADVERTISEMENT
Home BUSINESS LIFE

Stamp Duty Is Revenue Stamp, Not Postage Stamp, LIRS Chief Clarifies

Stamp duty places the responsibility on those involved in certain transactions to provide documentation that explains the details of the transaction.

Newsroom Nigeria by Newsroom Nigeria
September 25, 2023
in BUSINESS LIFE, News
Reading Time: 3 mins read
0
SHARES
Share on FacebookShare on Twitter

The Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service, LIRS, Mr Tokunbo Akande has clarified the misunderstanding about stamp duty as he maintained that it is a revenue stamp and not a postage stamp.

Akande made this known while featuring as a guest on The Tax Talk programme on Channels Television recently
He said contrary to public opinion, stamp is not just for courier services as it is meant to certify the underlying transaction between two entities, whether they are corporate entities or individuals, thus, the framework for stamp duty is to verify the documents for underlying transactions and ensure that they are admissible in court in case any disputes arise.
Akande noted; “It’s interesting to note that stamp duty, a tax law that dates back to 1939, is still in effect today. Although it was reenacted in 2004 and has been updated over time through the finance act, the basic premise remains the same.
“Stamp duty places the responsibility on those involved in certain transactions to provide documentation that explains the details of the transaction. For example, if someone purchases an item from another person, a receipt is given to show the transaction. This receipt must be stamped to be considered admissible evidence in court in case any disputes arise. In the past, the postal stamp was used to denote the stamp duty.”
Akande, who noted that Stamp duty has contributed significantly to revenue generation in Lagos State, as the state has generated over N5 million from stamp duty over the past few years, said the agency believes there is still room for improvement.
While stating that the agency is considering the introduction of revenue stamps for wholesalers and distributors for receipts over N10,000 in the state, he noted; “This approach was previously utilized in the 1970s, and we are eager to revitalize it. We are fully committed to engagement and process improvement.
He said the agency has taken the step of digitizing its stamp duty operation by transitioning from manual to electronic processes.
According to Akande, “The Joint Tax Board (JTB), which oversees all Internal Revenue Services (IRSs), the Federal Inland Revenue Service (FIRS), customs, immigration, and other related bodies, has been at the forefront of promoting awareness about stamp duty in general.
“LIRS (Lagos State Internal Revenue Service) has also made significant efforts in this area by holding town hall meetings, issuing public notices and guidance notes, and engaging with professional bodies. However, despite these efforts, the message has not been fully received. It is important to note that the law requires that all transactions between two entities must be stamped, and even items such as cheques have a small stamp on them. This is because they may be admissible in court. Therefore, it is your responsibility to ensure that any documents related to transactions above a certain level of expenses are properly stamped, as failure to do so renders them as ordinary paper.
He said LIRS has expanded its presence across various states, with offices conveniently located to better serve taxpayers as its officials are proud to offer assistance with legal proceedings and have desks located in all the courts of Lagos.
“Our team of experts ensures that all necessary documents are properly stamped and verified by the commissioner for stamp duty. We take record-keeping seriously, as it helps to ensure the authenticity of all documents that pass through our hands. Proper stamping of documents is essential, whether you’re borrowing money from a bank or renting a property. Failure to do so could render them inadmissible in court. We are here to help certify your documents and ensure they have the necessary stamps to make them legally binding,” Akande submitted.

Related posts

Nigeria To host IPI Africa Meeting

Nigeria To host IPI Africa Meeting

October 26, 2025
FG CLARIFIES STREAMLINED ADMISSION REQUIREMENTS SAYS ENGLISH AND MATHEMATICS REMAIN COMPULSORY TO REGISTER AND SIT FOR BY ALL O’LEVEL STUDENTS

FG CLARIFIES STREAMLINED ADMISSION REQUIREMENTS SAYS ENGLISH AND MATHEMATICS REMAIN COMPULSORY TO REGISTER AND SIT FOR BY ALL O’LEVEL STUDENTS

October 19, 2025
ShareTweetSendShareShare
Previous Post

Viewpoint: Why Youths Stand for Mohbad in Death.

Next Post

NNPC, Oil Companies SIGN MoU To Reduce Contracting Cycle

Related Posts

Nigeria To host IPI Africa Meeting
Media and Press

Nigeria To host IPI Africa Meeting

October 26, 2025
FG CLARIFIES STREAMLINED ADMISSION REQUIREMENTS SAYS ENGLISH AND MATHEMATICS REMAIN COMPULSORY TO REGISTER AND SIT FOR BY ALL O’LEVEL STUDENTS
Education/Human Capital

FG CLARIFIES STREAMLINED ADMISSION REQUIREMENTS SAYS ENGLISH AND MATHEMATICS REMAIN COMPULSORY TO REGISTER AND SIT FOR BY ALL O’LEVEL STUDENTS

October 19, 2025
Olukoyede Tasks Media, CSOs on Greater Commitment to Anti-Graft War
Corruption Crusade

Olukoyede Tasks Media, CSOs on Greater Commitment to Anti-Graft War

October 17, 2025
FG, GenCos Finalise Implementation Framework for ₦4 Trillion Presidential Power Sector Debt Reduction Plan
Business and Economy

FG, GenCos Finalise Implementation Framework for ₦4 Trillion Presidential Power Sector Debt Reduction Plan

October 14, 2025
Lagos Speaker Celebrates Seyi Tinubu at 40
News

Lagos Speaker Celebrates Seyi Tinubu at 40

October 13, 2025
COSEG UK, Ireland and Europe Congratulate Seyi Tinubu As He Celebrates 40
News

COSEG UK, Ireland and Europe Congratulate Seyi Tinubu As He Celebrates 40

October 13, 2025
Next Post

NNPC, Oil Companies SIGN MoU To Reduce Contracting Cycle

RECOMMENDED NEWS

Viewpoint: Baba Obasanjo and the NNPCL Refineries, By Simbo Olorunfemi

10 months ago

NEWLY APPOINTED UNILORIN VC PLEDGES TO BE “FAIR TO ALL”

3 years ago

Wiewpoint: Why Governors Should Align with President Tinubu on LG Autonomy

1 year ago

Oyo, Water Aid Set To Sign New MoU on Access to Portable Water

2 years ago

FOLLOW US

ADVERTISEMENT
ADVERTISEMENT

POPULAR NEWS

  • TINUBU SIGNS  FOUR TAX BILLS INTO LAW TO TRANSFORM FISCAL, REVENUE FRAMEWORK

    BREAKING: TINUBU CHANGES SERVICE CHIEFS

    0 shares
    Share 0 Tweet 0
  • SOUTH WEST GOVERNORS, STAKEHOLDERS RALLY FOR POWER DEVOLUTION, REGIONAL GROWTH AT PARLEY IN ONDO

    0 shares
    Share 0 Tweet 0
  • VIEWPOINT: HERE IS THE CURRICULUM VITAE OF NEW SERVICE CHIEFS

    0 shares
    Share 0 Tweet 0
  • PRESIDENT TINUBU SIGNS INSTRUMENT OF CLEMENCY AND PARDONS, MOVES SECRETARIAT OF PREROGATIVE OF MERCY COMMITTEE TO JUSTICE MINISTRY

    0 shares
    Share 0 Tweet 0
  • Runsewe Bags ‘Pillar of Niverian Tourism and Culture’ Award

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
Newsroom Nigeria

The NEWSROOM NIGERIA is an independent, liberal on – line news platform committed to the right of the individual to pursue his economic happiness, without undue interference of the state. It shall promote the rights of the individual; right to freedom of worship and conscience, and to hold opinions and impact same without hindrance, subject to such laws are as consistent with the constitution and necessary for the protection of the rights of others.

  • About
  • Advertise
  • Careers
  • Contact

© 2025 Newsroom Nigeria - Designed by Semasir Connect.

No Result
View All Result
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life

© 2025 Newsroom Nigeria - Designed by Semasir Connect.