stamp duty

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stamp duty

a tax imposed on written instruments (e.g. conveyances). Stamp duties are either AD VALOREM, where the amount of duty payable varies according to the value of the transaction effected by the instrument, or fixed in amount, whatever the effected value. Where a stamp is essential to the legal validity of an instrument, that instrument cannot be used as evidence in civil proceedings unless the conditions required by the Stamp Act 1891 are met and the penalties set out there paid.
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
When asked why it has continued to collect stamp duties if they're not remitting, he said as bankers, 'we're not authorised to move funds to customers accounts if there's no instruction to that effect.'
On the issue of collection, he said the CBN has also not received any instruction to stop collecting Stamp Duties, adding that if the supreme court ruling says the collected funds should be returned to those whose accounts were debited from, then the CBN in collaboration with relevant agencies and the deposit money banks will affect the directive.
While moving the lawmaker lamented that the federal government had lost trillions of Naira because of the unremitted monies accrued from stamp duties by the banksAccording to him, 'stamp duties are statutory taxes levied on legal instruments including cheques, receipts, military commissions, licenses and land transaction documents.