Stamp Duty Revenue Projection Reduced To N200bn
The FIRS said it has deployed technology to increase its tax base as well as improve the collection process.
FIRS Executive Chairman, Muhammad Nami, noted, however, that accessing and collecting tax depend largely on the performance of the economy of the country.
The revenue projection from stamp duty was reduced from N463bn to N200bn in the revised 2020 budget proposal.
Nami said: “The issue of stamp duty can therefore not be isolated because the initial projection was based on the fact that the economy was going to perform optimally to the extent that we’ll generate as much as N400bn from chargeable transactions.
“We still have issues with payment of stamp duty on contracts, particularly capital expenditure and services. “If the tax payers’ capacity to spend has been adversely affected, it will surely affect our capacity to collect stamp duty from such transactions.
“We’re, however, very confident that, with the technology we’re deploying, we’re likely to do better than expected, bring more tax payers to tax net and the transactions that happen online that we were not able to tax before now.”