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FIRS: We’re still in charge of stamp duty collection

  The Federal Inland Revenue Service (FIRS) has countered reports that the Nigeria Postal Service (NIPOST) has been licensed for collection ...

 


The Federal Inland Revenue Service (FIRS) has countered reports that the Nigeria Postal Service (NIPOST) has been licensed for collection of stamp duty charges.


According to the 2019 finance act, a N50 stamp duty is payable on any bank deposit or transfer of N10,000 or more — deposits or transfers maintained by the same person in the same bank are exempted from the charge.

 

On March 11, Isa Pantami, minister of communications and digital economy, had said NIPOST is the legal producer of stamp duties through the 2020 Finance Act, thereby implying that the agency is in charge of stamp duty collection.

 

However, in a statement issued on Tuesday by Muhammad Nami, executive chairman of FIRS, the agency said Pantami was misquoted by news publications on the administration of stamp duties in Nigeria.

“For the avoidance of confusion arising from such publications, the FIRS hereby informs the general public, especially taxpayers, that the honourable minister was misquoted as saying that the administration of stamp duty was granted to NIPOST by the Finance Act 2020,” Nami said.

 

“The speech attributed to the honourable minister was definitely, and unfortunately, quoted out-of-context.

 

“For the record, the honourable minister merely stated that NIPOST would henceforth produce the adhesive stamps required by FIRS to denote stamp duties. This position is in line with section 2 of the Stamp Duties Act (as amended by section 46 of the Finance Act 2020).

 

 “The FIRS remains the only federal agency permitted by law to collect stamp duties on behalf of the Federal Government of Nigeria.”

 

There has been contention between NIPOST and FIRS over which agency should be responsible for collection of stamp duties.

 

While NIPOST insists that it has the power to print, mint, produce, retain and provide adhesive postage stamps, and as such, should be in charge of stamp duties, FIRS has maintained that stamp duty collection falls within its line of responsibilities.