Property Law Taxation Flashcards
No documents can be stamped unless it is covered by the act pursuant to section …
Section 23 of the stamp duties act
What are the two ways of calculating stamp duties?
Ad Valorem and fixed duty
What section provides for Ad Valorem stamp duties
Section 4 (2) of the stamp duties act
What section provides for fixed stamp duties
Section 25 of the stamp duties act
What authority has the duty to stamp where only individuals are involved?
State board of internal revenue
What authority has the duty to stamp where a corporation is involved?
Federal inland revenue service
Documents to be stamped within how many days of the execution
30 days
What is the rate of capital gains tax?
10% under section 2 of the capital gains tax act
What is the capital gains tax?
Tax paid on the gains made from disposal of assets
What is value added tax?
Tax paid on goods and services
What is the rate of VAT?
7.5%
What authority is value added tax remitted to?
The federal inland revenue service
When a person pays personal income tax, they are given…
A tax clearance certificate
Personal income tax is payable by….
Individuals groups, and businesses
The relevant authority that personal income tax is paid to is determined by……
Residence
Company income tax is paid by companies to…….
The federal inland revenue service
Who is the consent fee paid to?
It is paid to the governor through the minister of land
What is the rate payable for consent fees in Lagos?
8% of the assessed value of the property
What is the rate payable for registration fees in Lagos?
3% of the access value of the property
What’s the time limit for registration fee?
60 days from when the governors consent was given
What is the rate payable for estate duty in Lagos?
10% based on the gross value of the estate
