RMAFC to probe banks over stamp duty collections

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6 years ago

REVENUE Mobilisation Allocation and Fiscal Commission (RMAFC) is set to probe commercial banks over stamp duty collections.

According to a press statement signed by the Commission’s Spokesperson, Mr Ibrahim Mohammed, the probe which is to commence soon would involve a forensic investigation of the funds that have so far been collected as stamp duty by 22 Deposit Money Banks (DMB) from 2000 to 2018.

RMAFC is the only constitutional body vested with the powers to monitor all revenue accruals into the Federation Account.

To this end, the statement explains that the commercial banks had been deducting the sum of N50 on every deposit with a value of N1,000 and above since January 2000.

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At the moment, the total sum of N33 bn had been realised through the collection of stamp duties which falls far below the expectation of stakeholders.
It is expected that at the end of the exercise, over 100 billion would be recovered.

The statement further adds that the Commission had concluded arrangement to engage the services of reputable forensic audit firms to carry out the probe of the banks. The probe will be comprehensive as it will cover the affixed stamp used on cheque books prior to the introduction of electronic transactions.

In the same vein, the Commission observes that if NIPOST is properly repositioned through the appropriate legal and regulatory framework and the introduction of appropriate technology, the Agency can generate over 500 billion.

Therefore, the Commission is using this medium to appeal to the National Assembly and the Federal Government to initiate measures for the amendment of the NIPOST Act to enable it to expand the economy and attract more revenue to the Federation.

In a similar development, RMAFC had also embarked on the reconciliation exercise of Signature bonuses and other miscellaneous revenues from the oil and gas industry to enable the Commission to engage other stakeholders with a view to reducing revenue leakages and enhance remittance into the Federation Account.

The Commission, therefore, seeks the support of stakeholders especially the Department of Petroleum Resources (DPR), the Federal Inland Revenue Services (FIRS) and the Central Bank of Nigeria (CBN) to enable it to succeed on the exercise.