Lawan calls for review of electronic stamp tax
• says N500bn too small
President of the Senate, Senator Ahmed Lawan on Thursday called for the review of the N500bn stamp duty revenue projection on the electronic transaction for the 2021 fiscal year.
Lawan said the projected figure of N500bn was too small given the volume of electronic transactions on a daily basis.
Lawan said this during an interactive session with heads of revenue-generating agencies of the federal government in the ongoing public hearing on the 2021 – 2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) at the Senate.
He said the narrative of physical transactions which are less to online transaction offers the nation huge revenue sources for the 2021 fiscal year.
He called on Chairman of the Finance committee and co-Chairman of the Committee of Finance and National Planning and other relevant committees of the Senate to look into this and exhaustively explore the possible revenue derivable from electronic transactions which he is convinced would surpass N500bn for the 2021 fiscal year.
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