Business

Stamp Duty Is Revenue Stamp, Not Postage Stamp, LIRS Chief Clarifies

Published

2 months ago

September 26, 2023

The Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service, LIRS, Mr Tokunbo Akande has clarified the misunderstanding about stamp duty as he maintained that it is a revenue stamp and not a postage stamp.

Akande made this known while featuring as a guest on The Tax Talk programme on Channels Television recently.

He said contrary to public opinion, stamp is not just for courier services as it is meant to certify the underlying transaction between two entities, whether they are corporate entities or individuals, thus, the framework for stamp duty is to verify the documents for underlying transactions and ensure that they are admissible in court in case any disputes arise.

Akande noted; “It’s interesting to note that stamp duty, a tax law that dates back to 1939, is still in effect today. Although it was reenacted in 2004 and has been updated over time through the Finance Act, the basic premise remains the same.

“Stamp duty places the responsibility on those involved in certain transactions to provide documentation that explains the details of the transaction. For example, if someone purchases an item from another person, a receipt is given to show the transaction. This receipt must be stamped to be considered admissible evidence in court in case any disputes arise. In the past, the postal stamp was used to denote the stamp duty.”

Akande, who noted that Stamp duty has contributed significantly to revenue generation in Lagos State, as the state has generated over N5 million from stamp duty over the past few years, said the agency believes there is still room for improvement.

While stating that the agency is considering the introduction of revenue stamps for wholesalers and distributors for receipts over N10,000 in the state, he noted; “This approach was previously utilized in the 1970s, and we are eager to revitalize it. We are fully committed to engagement and process improvement.

He said the agency has taken the step of digitizing its stamp duty operation by transitioning from manual to electronic processes.

According to Akande, “The Joint Tax Board (JTB), which oversees all Internal Revenue Services (IRSs), the Federal Inland Revenue Service (FIRS), customs, immigration, and other related bodies, has been at the forefront of promoting awareness about stamp duty in general.

“LIRS (Lagos State Internal Revenue Service) has also made significant efforts in this area by holding town hall meetings, issuing public notices and guidance notes, and engaging with professional bodies. However, despite these efforts, the message has not been fully received. It is important to note that the law requires that all transactions between two entities must be stamped, and even items such as cheques have a small stamp on them. This is because they may be admissible in court. Therefore, it is your responsibility to ensure that any documents related to transactions above a certain level of expenses are properly stamped, as failure to do so renders them as ordinary paper.

He said LIRS has expanded its presence across various states, with offices conveniently located to better serve taxpayers as its officials are proud to offer assistance with legal proceedings and have desks located in all the courts of Lagos.

“Our team of experts ensures that all necessary documents are properly stamped and verified by the commissioner for stamp duty. We take record-keeping seriously, as it helps to ensure the authenticity of all documents that pass through our hands. Proper stamping of documents is essential, whether you’re borrowing money from a bank or renting a property. Failure to do so could render them inadmissible in court. We are here to help certify your documents and ensure they have the necessary stamps to make them legally binding,” Akande submitted.

Business

The Address Homes deliver another project, Ikoyi Crescent on Record time

Published

2 days ago

December 5, 2023

D'SHOW

In line with its tradition of providing regal and lavishly built luxury housing brands in its bid to bridge the gap in the housing deficit in the country, The Address Homes Limited, Nigeria’s leading real estate development firm dedicated to the attainment, development, and management of bespoke deluxe contemporary homes, has completed and delivered yet another project in Ikoyi Crescent in a very efficient and timely manner.

Known as The Address Homes Wemabod Estate and located on Ikoyi Crescent, Lagos, the property uniquely designed to give homeowners that serene environment and luxury taste, is on two non-contiguous plots of land designated 37A, Ikoyi Crescent (measuring 2,343m2) and 37C, Ikoyi Crescent (measuring 2,130m2).

Speaking on the completion of the project, the Chairman and founder of The Address Homes Limited, Dr. Bisi Onasanya stated that the company is committed to delivering luxury homes that meet the highest standards of quality and functionality on record time.

He also stated that the company’s attention to detail and commitment to customer satisfaction have earned them a reputation as one of the country’s leading real estate development firms.

“At The Address Homes, we believe in the power of real estate as a tangible asset that builds equity and sets you up for long-term success.

“We evolve concepts that take account of each customer’s taste, budget, time frame, market environment, and the opportunities available.

“We have successfully delivered numerous contemporary homes in the Ikoyi, Banana Island area and another fabulous four, namely; The Luxuria by The Address Homes, Dan and Dan Apartments by the Address Homes, Aunty Ayo, Manuwa Park and Harold Shodipo, GRA are at finishing stages,” Onasanya stated.

On his part, the Managing Director, Wemabod Limited, Mr. Oluyemi Ejidiran commended The Address Homes for delivering quality housing to Nigerians as he described the engagement with The Address Homes as the best fit given its pedigree in the built industry.

He said, “The choice of The Address Homes on this project is quite strategic given its experience and professionalism in the built sector. We are glad that they’ve not only delivered in record time, but notably, the delivery is even coming earlier than they promised.”

Located in a very serene environment directly opposite the official residence of the State Deputy Governor, the roundabout around the area, which serves as the meeting point of Gerrard Road and Ikoyi Crescent, off Alfred Rewane Road, Ikoyi, Lagos, affords good access to Lagos Island, the Third Mainland Bridge, Victoria Island and the Lekki-Ajah axis through the Lekki Link Bridge. This makes the property an attractive option for those seeking a well-connected and tranquil living environment in Lagos.

The property, with a total of 18 units of luxury apartments comprising: 10 units of four-bedroom terrace houses (each with one maid’s apartment); four units of five-bedroom (each with an additional two maid’s apartments) semi-detached buildings; and four units of five-bedroom (each also with additional two maid’s apartments) fully-detached buildings, interestingly, has been sold out already.

The Address Homes Wemabod comes with world-class amenities such as Wet and Dry Kitchen, Ample Parking Space, Double Volume Master Bedroom, Communal Swimming Pool and it is fully Secured.

Buoyed with its unwavering reliability and dedication to quality, custom-tailored homes, which have made The Address Homes one of the highly respected companies in the property development business, the company’s commitment to excellence and customer satisfaction has earned them numerous awards and recognition in the real estate industry.

The Address Homes is a luxury brand known for integrity, professionalism, excellence and timely delivery of excellent jobs.

The firm has delivered over 250 homes to Lagosians on Bank Road in Ikoyi, Banana Island Ikoyi close 107, Banana Island Road, Ikoyi, Banana View, Femi Okunu, Victory Park Lekki, Alma Beach Lekki, Banana Island Ikoyi close, Elegushi-Ikate Lekki, Taiye Olowu and Wemabob Estate.

The firm has extended construction to Ikeja and some parts of Ajah. Currently, the projects in Harold Shodipo, Ikeja GRA, and Aunty Ayo, Keffi Street, Ikoyi aimed at contributing 101 units to South West Ikoyi by 2023 are at finishing points.

Business

FirstBank UK Adopts Bloomberg TOMS to Optimize Fixed Income Workflow

Published

2 days ago

December 5, 2023

D'SHOW

Bloomberg announced today that FirstBank UK Limited (FirstBank UK), the UK subsidiary of First Bank Nigeria Limited, the premier West African bank,
has adopted Bloomberg’s Trade Order Management System (TOMS). By integrating TOMS into
its workflow, FirstBank UK will have access to a comprehensive suite of data and analytics,
communications, as well as order and execution management solutions, enabling it to
streamline its fixed-income bonds business.

FirstBank UK is a niche market-maker to its customers in Africa. The business provides market
liquidity in cash bonds, primarily in Nigerian, Angolan, Egyptian and Ghanaian Eurobonds to
manage risk and optimize its inventory. Thanks to Bloomberg’s coverage, TOMS enables the
trading desk of FirstBank UK to support its client base and to monitor its positions, profit and
loss (P&L) and Risks.

“By integrating with our existing systems, Bloomberg TOMS provides FirstBank UK with a
complete end-to-end trading workflow covering African bonds in most of our home markets,”
said Olukorede Adenowo, CEO-designate at FirstBank UK.“ The solution enables us to focus on
expanding our footprint in the African Fixed Income landscape and delivering a first-in-kind service
to our customers in Africa.“We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with
our award-winning sell-side order management solution TOMS,” said Lisa Bravo, Global Head
of Sell-Side OMS at Bloomberg.

“TOMS empowers firms to create a seamless workflow from
their front and middle-office, through to their operations and enterprise applications, while
concurrently delivering their front office users with real-time execution, risk and P&amp analytics.”
FirstBank UK has further digitized its order management workflow by offering clients access to
liquidity on its own Eurobond Single-Dealer Platform. The application has been integrated with
Bloomberg TOMS to centralize order handling and aggregated custom analytics and
liquidity tools within a single interface, to be hosted and connected to multiple trading venues.
“The integration of TOMS with our custom-built electronic trading platform, allows our customers
real-time access to liquidity in our markets, something unique to the majority of our customers,”
said Robert Hagenaars, Head of Markets at FirstBank UK.

For additional information about Bloomberg’s sell-side solutions, please click here.
About Bloomberg Bloomberg is a global leader in business and financial information, delivering trusted data,
news, and insights that bring transparency, efficiency, and fairness to markets. The company
helps connect influential communities across the global financial ecosystem via reliable
technology solutions that enable our customers to make more informed decisions and foster
better collaboration. For more information, visit Bloomberg.com/company or request a demo.

Business

Elated Polaris Bank Customer commends Bank for excellent customer service

Published

5 days ago

December 2, 2023

D'SHOW

Polaris Bank customer, Ife Michael, who recently aired her concerns on X (formerly Twitter) on a school fees transaction, has commended the Bank for resolving her Complaint swiftly as promised.

Ife Michael tweeting via her X handle @V_Ifemichael had called out the Bank for ‘seizing’ her funds as sent from a UK University where she had sought admission.

Polaris Bank reacted promptly to her Complaint and engaged her to explain the process and promised to resolve the issue which the Bank did swiftly.

An apparently elated Ife Michael went back to the micro blogging site to recount her experience with an update on her earlier thread of how the Bank swiftly resolved her Complainant.

The Bank, according to her update “responded and reached out to explain in details the guidelines underpinning FX transaction as it relates in particular to International payment.

In her tweet, Ife Michael expressed gratitude to Polaris Bank’s swift action and transparent communication. According to her, the Bank clarified that the situation was complex but assured her that the funds would be promptly refunded to the school. And Polaris Bank did exactly as it promised as it promptly refunded the money to Roehampton University and initiated necessary processes to streamline the refund.

The engagement began when Polaris Bank’s headquarters made the first contact at 11:48 am, and by 3:41 pm on the same day, Ife Michael confirmed that the Bank had successfully refunded the funds and

fulfilled all required procedures. The Bank also took the extra step of writing to the school to facilitate the process.

This positive outcome highlights Polaris Bank’s commitment to customer satisfaction, responsive and excellent customer service, and adherence to regulatory policies. The incident not only showcases effective conflict resolution but also underscores the power of a Bank fostering transparent communication between it and her customers.