Sunday, October 2, 2022
HomeBusinessFIRS Insists On Being In Charge of Stamp Duty Collection

FIRS Insists On Being In Charge of Stamp Duty Collection

The Federal Inland Revenue Service (FIRS), on Tuesday in Abuja, insisted that it is still in charge of stamp duties collection.

The tax agency was reacting to last week’s statement by the Minister of Communications and Digital Economy, Dr Isa Pantami, at the launch of Nigeria’s 60th Independence Anniversary Commemorative Postage Stamps where he was quoted as saying that NIPOST has reclaimed stamp duty collection from FIRS.

Dr. Isa Ali Pantami, Minister of Communication and Digital Economy

The FIRS in a  statement by the Director, Communications and Liaison, Mr Abdullahi Ahmad disclosed that the Minister of  Communication was misquoted.

FIRS statement read, “The attention of FIRS has been drawn to false publications in some newspapers and electronic as well as social media platforms misquoting a recent speech by the Minister for Communications and Digital Economy on the administration of Stamp Duties in the country.

Mr. Abdullahi Ahmad, FIRS Director, Communications and Liaison

“For the avoidance of confusion arising from such publications, the FIRS hereby informs the general public, especially taxpayers, that the Minister was misquoted as saying that the administration of Stamp Duty was granted to NIPOST by the Finance Act 2020.

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 revenue collecting agency said.

FIRS urged taxpayers, tax practitioners and the general public to ignore the “unfortunate attempt to cause confusion by twisting the Minister’s words”, as it remains the only federal agency permitted by law to collect Stamp Duties on behalf of the Federal Government of Nigeria.

The disagreement  between NIPOST and the FIRS over who should control the collection of stamp duty became public after the FIRS reacted to claims by NIPOST that it is operating an illegal stamp duty account.

Dr. Pantami had repeatedly thrown his weight behind NIPOST, faulting the Federal Inland Revenue Service (FIRS) decision to take over collection of stamp duty which he insisted is the sole responsibility of NIPOST.


Please enter your comment!
Please enter your name here

Most Popular

Recent Comments

%d bloggers like this: