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Electronic Stamp Duty: CBN Bars FIRS, NIPOST From Collection

In a bid to put paid to the contention between the Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) the Central Bank of Nigeria (CBN) has stopped both parties from collecting Electronic Stamp Duty charges. Henceforth, the CBN will be the collector until the rift is determined.

Revealing this in Abuja at an event, president-General of the Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC), Kayode Alakija, however noted that the association, an affiliate of the Trade Union Congress (TUC), could not be watching from the sideline while NIPOST, a member of SSASCGOC, was being deprived of its power.

There had been a prolonged contention between FIRS and NIPOST over the collection of the N50 stamp duty before the matter was later taken to court for settlement.

While both parties are still awaiting stakeholders’ intervention and the court’s final decision, the apex bank has taken over collection of the electronic aspect, the adhesive production aspect was ceded to the NIPOST.

According to Alakija: “The issue of stamp duty was actually addressed. Initially, if you followed it, there was a time they came up with the Act that has to do with the Finance tagged Finance Act where stamp duty was ceded to another agency.

“The adhesive aspect of the stamp is what they have given the NIPOST exclusive rights to produce. Meanwhile the electronic aspect of it has been given to the CBN for now.”

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