The recent disagreement between the Federal Inland Revenue Service (FIRS) and Nigeria Postal Service (NIPOST) via Twitter over which agency has the responsibility to collect stamp duties has raised so many questions such as what body is vested with the authority to collect stamp duty in Nigeria?
“The FIRS is determined to not only ensure that all monies collected by NIPOST into its illegally operated Stamp Duties Account are fully remitted into the Federation Account but also make sure that any kobo not accounted for in that account is legally recovered”.
What is Stamp Duty? The Finance Act amended the definition of “stamp” under the Stamp Duties Act 2004 (as amended) to; an impressed pattern or mark by means of an engraved or inked block die as an adhesive stamp or an electronic stamp or an electronic acknowledgment for denoting any duty or fee. Stamp Duties Act defines “duty” as any stamp duty for the time being chargeable under any other Act and also includes any fee chargeable in the Stamp Duty Act.
Stamp Duties are taxes paid to the Federal or State Government on documents (also known as instruments for the purpose of the Stamp Duties Act) such as Conveyance | OAS LAW PAGE | 01 A SYNOPSIS ON THE BODY VESTED WITH THE AUTHORITY TO COLLECT STAMP DUTIES IN NIGERIA 10 August 2020 on Sale, Bills of Exchange, promissory notes, agreements, contracts or even documents such as letters and certificate of admission, instruments of apprenticeship among others (the detailed list of documents can be found in the Schedule and the duty payable on each of them).
