FIRS remits N66bn stamp duty into federation account

At the inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties and the Launch of the FIRS Adhesive Stamp in Abuja on Tuesday, it emerged that Federal Inland Revenue Service (FIRS) remitted a N66 billion into the Federation account within the first five months of 2020.

At the event, Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, who represented President Muhammadu Buhari said there was “assurance that the collection from stamp duty will be second to oil revenue, as it has the potential to yield up to a trillion naira if properly harnessed.”

Tribune Online reports that Buhari has then directed that all institutions of government and related stakeholders should support the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties to enable it to succeed on its assignment.

“I hereby also direct and request that all relevant MDAs, particularly the Central Bank of Nigeria, NIBBS, MDBs, FIRS, NIPOST should give maximum cooperation to the Committee in the discharge of its mandate.”

Executive Chairman of FIRS, Muhammad Nami said at the event that the service the N66 billion was much higher than the N6 billion naira collected from January to May 2019.

Nami attributed this increase to the dynamism triggered by Finance Act 2019, sums warehoused by the CBN in respect of prior years, and the deployment of technology and stakeholders’ collaboration.

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“The introduction of the FIRS Stamp Duties Adhesive Stamp will, among other things, plug the revenue sink-hole; enable proper accountability and transparency; simplify the administration of Stamp Duties; and reduce disputes.”

In order to ensure transparency and accountability in the recovery of back year stamp duty, the President further directed that all recoveries made by the Committee be remitted to appropriate stamp duty account maintained by FGN with the Central Bank of Nigeria.

Senate President, Ahmed Lawan, who launched the adhesive stamp officially, said that FIRS deserved commendation for its impressive revenue collection, and promised that the National Assembly would continue to acknowledge, encourage, and support the initiatives and efforts of revenue-generating agencies of government.

His words: “The Senate and the National Assembly will continue to provide the necessary legislative backings and oversight functions that will help maximise the revenue of the government and ensure that government is better positioned to deliver its mandate.”