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STAMP DUTY: RMAFC to scrutinize banks’ books

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Disappointed by the meagre N33 billion so far declared as stamp duty collection in the country, the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, has announced that it would soon commence the probe of banks in the country.

According to the commission, over N100 billion is expected to be recovered from the probe.

This was disclosed by a he spokesman of commission, Ibrahim Mohammed in a statement in Abuja on Sunday, adding that the probe would involve a forensic investigation of the funds that had so far been collected as stamp duty by 22 Deposit Money Banks, DMB, from 2000 to 2018.

The RMAFC, which claims to be the only constitutional body vested with the powers to monitor all revenue accruals into the Federation Account, said: “To this end, 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 billion 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 N100 billion would be recovered.”

Mohammed also said in the statement that the commission would be engaging reputable forensic audit firms to carry out the probe, adding that the probe would be comprehensive as it would cover the affixed stamp used on cheque books prior to the introduction of electronic transactions.

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