Section 100 Stamp Duties Act

Section 100 of Stamp Duties Act 1939 is about Charge of duty on capital of limited liability companies. It provides as follows:

(1) A statement of the amount which shall form the nominal share capital of any company to be registered with limited liability and a statement of the amount of any increase of registered capital of any company shall be delivered to the Corporate Affairs Commission established under the Companies and Allied Matters Act.

(2) The statements referred to in subsection (1) of this section shall be charged with an ad valorem duty of one naira for every two hundred naira and any fraction of two hundred naira over any multiple of two hundred naira of the amount of such capital or increase of capital, as the case may be.

(3) The statement of the amount of any increase of registered capital which is required to be delivered to the Corporate Affairs Commission under subsection (1)of this section shall be delivered duly stamped with the duty charged thereon within fifteen days after the passing of the resolution by which the registered capital is increased, and, in default of that delivery, the duty, with interest thereon at the rate of five per cent per annum from the passing of the resolution, shall be a debt to the Government of the Federation recoverable from the company.

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