The Corporate Affairs Commission (CAC) has attributed the recent failure of Stamp Duties payments on its portal to incompatibility between its newly upgraded system and those of partner agencies.
In a statement posted on its official X (formerly Twitter) handle on Friday, the Commission assured users that a permanent fix is underway and nearing completion.
The issue arose after the deployment of a new, more advanced portal that is currently ahead of the systems used by collaborating agencies responsible for processing Stamp Duties. Engineers from both sides are working together to resolve the technical misalignment.
“We are aware of the difficulties some of our valued customers are facing in making Stamp Duties payments through our portal. Please be assured that this matter is receiving urgent attention, and a permanent solution is almost in place,” the statement said.
The Commission also announced the upcoming launch of a simplified, AI-driven post-incorporation filing system for Business Names, beginning with the Annual Returns feature, expected to go live over the weekend.
Stamp Duty, governed by the Stamp Duties Act (SDA), CAP S8 LFN 2004 (as amended), is an indirect tax applied to both physical and electronic documents, making stamped documents legally admissible in court. The Federal Inland Revenue Service (FIRS) is responsible for collecting Stamp Duties in Nigeria.
In March 2024, the Federal Government directed commercial banks to deduct and remit 0.375 per cent as Stamp Duty on all loans disbursed, based on the principal loan amount. Former Central Bank of Nigeria governor Godwin Emefiele, disclosed that a total of N370.686 billion was collected as Stamp Duties revenue between 2016 and 2022.
While the recent disruption caused by the CAC’s portal upgrade may temporarily affect some business processes requiring Stamp Duty payments, the Commission expressed its commitment to resolving the issue and improving service delivery through ongoing digital reforms.
