Fed Govt loses trillions as stamp duty fee is unremitted

Stamp Duty charges on bank transactions may have yielded trillions of naira, but the revenue is unremitted to the Federation Account, The Nation has learnt.
The fate of the revenue, which is believed to have risen to over N7trillion as at 2015, has pitched the Nigerian Interbank Settlement System (NIBSS) against the School of Banking Honours (SBH), an institution registered by the Nigerian Copyright Commission. The SBH is spearheading the recovery and remittance of the funds into the Federation Account for sharing by the Federal Government and the 36 states.
SBH’s Project Consultant/Acting Rector Tola Adekoya said based on findings from the research arm of SBH, he raised a Demand Notice dated 10th March, 2015, entitled, “Stamp Duty On Electronic Transfer Receipts (2013-2014)” on NIBSS for N7.719trillion as accruing and unremitted revenue to the Federal Government and the states.
He was invited by NIBSS for a discussion, but Adekoya is yet to honour the invitation.

The Nation, September 11, 2017

 

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