FG Generates N127.04bn As Revenue From Stamp Duties In 5 Years – CITN

The Chartered Institute of Nigeria (CITN) mentioned, the Federal Authorities (FG) has collected N127.04 billion as income from stamp duties between January 2015 and July 2020.

It mentioned, stamp Obligation is a wonderful income to each the Federal Authorities and state governments.

“The entire world is presently affected by the Covid-19 pandemic which has obliterated the economic system of many countries globally; Nigeria inclusive. There may be subsequently a necessity for Nigeria to look inward for tactics of funding its large finances and cut back its yearly problem of finances deficit via elevated tax income technology”, mentioned the CITN.

The institute mentioned, overhauling stamp duties administration is a veritable software for reaching this function in step with the present Nationwide Tax Coverage course which is tailor-made in direction of growing oblique taxes akin to Worth Added Tax (VAT) and Stamp Duties (SD) whereas on the identical time decreasing direct taxes akin to Firm Revenue-tax (CIT), Schooling Tax, Capital Achieve Tax (CGT), amongst others.

The physique thus urged the Joint Tax Board ought to intensify efforts in creating public consciousness on devices which can be required by legislation to be stamped and related charges payable.

“The Stamp Duties Act ought to be reviewed, re-organized, re-defined, simplified and also needs to state the extent and restrict of the Commissioner’s powers, harmonize the listing of devices and enhance the charges relevant to mirror present financial realities and the coverage course of the Authorities regarding job creation to be able to encourage funding”, it mentioned.

In a doc made accessible by Proshare, a bunch of analysts, particular division of Federal or State Excessive Courts ought to be assigned to deal with stamp duties associated issues the place stamp duties offenders will likely be prosecuted to function a deterrent to others who may need to perform such an act.