This is to inform all Contractors and Vendors of the Nigeria Deposit Insurance Corporation (NDIC) that the Corporation has commenced deduction of one (1) % Stamp Duties chargeable on all contract agreements as specified by Stamp Duties Act 2004. The 1% of the contract sum will be deducted at source and remitted to Federal Inland Revenue Services (FIRS).
All contractors and vendors should further note that non remittance or default in payment will attract penalty of fines as prescribed under the Stamp Duties Act.
In light of the above, we wish to notify the general public, especially contractors and vendors transacting business with the Corporation that the 1% deduction has already commenced.
Please be guided accordingly.
Director, Procurement & Management Services Department