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TAX – Nov 2020 – L1 – SA – Q13 – Stamp Duties

Identify which instrument is not required to be stamped under the Stamp Duties Act.

Under the Stamp Duties Act Cap S8 LFN 2004, which of the following instruments is NOT required by law to be stamped?
A. Leases
B. Contract notes
C. Bills of lading
D. Mortgages
E. Instruments relating to reconstruction and amalgamation

E. Instruments relating to reconstruction and amalgamation

Explanation:
Under the Stamp Duties Act, various instruments such as leases, contract notes, bills of lading, and mortgages are required to be stamped. However, instruments relating to reconstruction and amalgamation are not required to be stamped under certain conditions, as they may be exempt to facilitate business restructuring.

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