NIPOST Tackles FIRS Over Stamp Duty Collection
The Nigerian Postal Service has again tackled the Federal Inland Revenue Service over who has the exclusive right to Stamp Duty collection. Both agencies have been laying claims to Stamp Duty collection since 2019.
FIRS gets nod to collect stamp duty Nigeria loses N2tr annually to non-remittance of N50 stamp duty The FIRS had said the Finance Act 2019 conferred on it the exclusive right to collect stamp duty on behalf of the Federal Government.
But NIPOST countered this by saying the Act contains some “contradictions”, which should be addressed by appropriate authorities.
The postal agency said the Office of the Accountant-General had also issued a circular to NIPOST on the collection of both physical and electronic stamp duty of N50, maintaining that there is no conflict between NIPOST and FIRS in the collection of stamp duty.
NIPOST, in a statement on Sunday, insisted that its statutory powers confer on it the right to print, mint, produce, retail, and provide adhesive postage stamp for the use of Nigerians.
The postal agency said it is statutorily empowered to collect stamp duty and it would not give up its right on it.
It would be recalled that the Minister of Finance, Budget and National Planning, Hajiya Zaynab Ahmed announced in December that FIRS will automatically become an agency to collect the Stamp Duty following the passage of the 2019 Finance Bill by the National Assembly which contains an amendment to Stamp Duty Act.