Tax & Business Matters - Nigeria

Significant changes to the Stamp Duties Act underway

The Stamp Duties Act (Amendment) Bill, 2017 was recently introduced to the House of Representatives and undergoing legislative process. The Bill seeks to expand the scope of the Stamp Duties Act and address the current ambiguities in the law.

The definition and scope of a “stamp” under the Bill has been expanded to include electronic, internet and Point of Sale (POS) transactions. The Bill will also legalise the controversial imposition of stamp duty on bank deposits. Other proposed changes include:

• Compulsory use of postage stamp instead of adhesive stamp
• Imposition of stamp duty on all forms of agreements
• Increase in threshold for receipts
• Substantial increase in applicable penalties under the Bill

Read our alert below for more information.

Download PwC Tax alert_Significant changes to the Stamp Duties Act_April 2017

Impending changes to the National Housing Fund Scheme

The National Housing Fund (NHF) was established under the NHF Act 1992 to facilitate the mobilisation of funds for the provision of affordable housing for Nigerians.

A new Bill which seeks to amend the National Housing Fund Act is undergoing consideration at the House of Representatives. The proposals will increase the minimum income threshhold for compulsory contribution to the NHF scheme and increase the penalties for offences and defaults.

Check out our alert for more details.

Download PwC Tax Alert_Proposed changes to NHF Scheme