FIRS, NIPOST IMPASSE: CBN Takes Over Electronic Stamp Duty Collection

Central Bank of Nigeria (CBN) has begun the collection of electronic stamp duty with a view to settling the rift between the Federal Inland Revenue Service (FIRS) and Nigeria Postal Service (NIPOST).

Kayode Alakija, president-General of the Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC),  who stated this in Abuja,  said the association, an affiliate of TUC, could not be watching akimbo while NIPOST, one of the branches of SSASCGOC, was being deprived of its power.

FIRS and NIPOST have been embroiled in fight over collection of the N50 stamp duty before the matter was later taken to court for settlement.

While both parties are still awaiting stakeholders’ intervention and the court’s final decision, the apex bank took over collection of the electronic aspect, the adhesive production aspect was ceded to the NIPOST.

Alakija said, “The issue of stamp duty was actually addressed. Initially, if you followed it, there was a time they came up with the Act that has to do with the Finance tagged Finance Act where stamp duty was ceded to another agency.

“The adhesive aspect of the stamp is what they have given the NIPOST exclusive rights to produce. Meanwhile the electronic aspect of it has been given to the CBN for now.”