The Corporate Affairs Commission (CAC) has attributed the recent failure of Stamp Duties payments on its online portal to technical incompatibility between its newly upgraded system and those of partner agencies.
CAC Confirms Ongoing Technical Glitch
In a statement posted on its official X (formerly Twitter) handle on Friday, the CAC assured the public that the issue is receiving urgent attention and a permanent fix is near completion.
According to the Commission, the disruption occurred after deploying a more advanced portal that is currently ahead of the technology used by collaborating agencies responsible for processing Stamp Duties. Engineers from both sides are now 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 the urgent attention of engineers from both agencies involved, and a permanent solution is almost in place,” the CAC stated.
New AI-Driven Filing System Coming
In the same announcement, the CAC revealed plans to launch a simplified, AI-powered post-incorporation filing system for Business Names, starting with the Annual Returns feature. The rollout is expected to go live over the weekend.
This digital innovation is part of the CAC’s broader reform to streamline business registration processes and enhance Nigeria’s corporate service delivery.
Understanding Stamp Duties in Nigeria
Stamp Duty is an indirect tax regulated by the Stamp Duties Act (SDA), CAP S8 LFN 2004 (as amended). It applies to both physical and electronic documents, with a stamped document being legally admissible in court.
The Federal Inland Revenue Service (FIRS) is responsible for collecting Stamp Duties nationwide.
Key Facts on Stamp Duties:
- March 2024 Directive: The Federal Government ordered commercial banks to deduct and remit 0.375% Stamp Duty on all loans disbursed, based on the principal loan amount.
- Revenue Between 2016–2022: Former CBN Governor Godwin Emefiele reported that ₦370.686 billion was collected as Stamp Duties revenue during this period.
Temporary Impact on Business Processes
The CAC acknowledged that the portal upgrade might cause temporary delays in business processes requiring Stamp Duty payments. However, the Commission remains committed to resolving the glitch quickly and improving Nigeria’s corporate services through ongoing digital transformation.
