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[Nike James @Olanike_James]

I will be answering your questions and providing my views on the topic “Multiple taxation in Nigeria – the RMAFC conundrum” from now to 12 noon. You can join the discussion live on Zoom using the link https://t.co/s2bJm13uNT.

[Nike James @Olanike_James]

Good morning everyone and welcome to the December Edition of the KPMG Social Media Tax Chat. Over the last (6) six years, Revenue Mobilization Allocation and Fiscal Commission (“RMAFC”) has conducted tax audits on the records of commercial banks.

[Nike James @Olanike_James]

Also use the #KPMGTAXCHAT to ensure your questions are easily identified and answered.

[Nike James @Olanike_James]

Recently, the RMAFC has also notified taxpayers in other industries of its intended audit of their tax records and taxpayers are beginning to question the constitutional powers of the RMAFC to conduct such tax audits.

[Wole Obayomi @WObayomi]

@Peter_de_rock @firsNigeria Up to 5 years as prescribed by section 114 of the Stamp Duties Act.

[ikechukwu ene @IkDsanto]

@WObayomi Hi Wole, now that the FIRS has launched its adhesive stamp, will NIPOST still be printing stamps concurrently or has this function been entirely ceded to the FIRS?

[ikechukwu ene @IkDsanto]

Good question. I’m not sure there’s anything you can do differently except understanding the different rates that apply to the different tenures of leases. For instance, you should know that leases btw 1-7years attract 0.78% while leases above 21yrs attract 6% #kpmgtaxchat

[Chinyere Nwachukwu @Chinyere_calist]

#KPMGTAXCHAT

[Ayo Luqman Salami @AyoAbdussalam]

@WObayomi Thank you for your chats. Given your experience, do you think that the SD rates in the SDA are reflective of the current reality? If not, how do you then think that the FIRS could realize the expected amount of N1trillion from the ongoing SD audit exercise? #kpmgtaxchat

[Thomas @adegbolathomas]

#KPMGTaxChat

@WObayomi currently discussing the mythbusters on the stamp duities act

[Akin Bamgbopa @AkinBamgbopa]

#KPMGTAXCHAT

Is the FIRS the equivalent of the stamp duty commissioner referenced in the Stamp Duties Act in terms of the functions of the commissioner? Or is this provision redundant?

[Nnamdi @nnamdi_obinwa]

Hello friends!
Join the conversation.
#KPMGTaxChat

[Sybil Egwu @Sy_billl]

#kpmgtaxchat @WObayomi

[Goddess @ebi_jones_]

Ask questions about stamp duties here. Don't forget to use the #KPMGTAXCHAT

[tax daddy @nwokeoma_]

@WObayomi Hi Wole. Are there penalties for failure to stamp and/or remit the stamp duty on a dutiable instrument? #kpmgtaxchat

[🏆 @TheAdenekan]

@WObayomi Is it safe to say the rate on most rent agreements will be 0.78% and not 6% as being widely circulated, pursuant to the Stamp Duties Act?

#KPMGTaxChat #StampDuty

[ikechukwu ene @IkDsanto]

@ifyuzowulu Good question. I’m not sure there’s anything you can do differently except understanding the different rates that apply to the different tenures of leases. For instance, you should know that leases btw 1-7years attract 0.78% while leases above 21yrs attract 6% #kpmgtaxchat

[Mnat Jegs @petitecheryl]

@WObayomi FYA #kpmgtaxchat

[OlawumiOlaitan @OlawumiOlaitan2]

#KPMGTaxChat @WObayomi If a company carries out an internal review for maybe the past 4 years and decides to pay the back duty stamp duties, will this considered as tax-deductible for CIT purposes?