Nigerian banks on Thursday announced that they will kick-start the implementation of the stamp duty charge of 0.375 per cent on loans backed by legal mortgages, shares, debentures or bonds.

This is coming after the Federal Inland Revenue Service (FIRS) had directed banks to implement stamp duty on certain transactions that requires duty payments such as contracts and legal mortgages.According to the FIRS, as the manner of business transactions continue to evolve and change pattern, the law on stamp duties will also change. It noted that the stamp duties has therefore undergone several amendments over the years up to the Finance Act 2019.