L
LequteMan
Guest
Three key government agencies in the country, the CBN, Nigerian Postal Service and the Federal Inland Revenue Service, have clashed over the new N50 stamp duty recently reintroduced to the banking industry by the CBN.
Central issues in contention are the account where the money realised from the implementation of the stamp duty will be lodged in, access to the account and who gets what from the account that is estimated to attract more than N2.5tn per annum.
It's believed that the bodies have held several closed-door meetings in the last two weeks aimed at resolving the contentious issues.
The CBN had through a circular directed the banks to deduct N50 for stamp duty on lodgement transactions worth at least N1,000. However, NIPOST is seeking to know where this directive leaves it as the traditional custodian of the proceeds from stamps and thus, the stamp duty.
The FIRS, however, contends that it should superintend over the stamp duty fee collection as it has always done over other duties and taxes imposed by the Federal Government. The tax agency takes four per cent of the proceeds of the taxes and duties it collects as the cost of collection.
PUNCH
Central issues in contention are the account where the money realised from the implementation of the stamp duty will be lodged in, access to the account and who gets what from the account that is estimated to attract more than N2.5tn per annum.
It's believed that the bodies have held several closed-door meetings in the last two weeks aimed at resolving the contentious issues.
The CBN had through a circular directed the banks to deduct N50 for stamp duty on lodgement transactions worth at least N1,000. However, NIPOST is seeking to know where this directive leaves it as the traditional custodian of the proceeds from stamps and thus, the stamp duty.
The FIRS, however, contends that it should superintend over the stamp duty fee collection as it has always done over other duties and taxes imposed by the Federal Government. The tax agency takes four per cent of the proceeds of the taxes and duties it collects as the cost of collection.
PUNCH
