FG loses N475bn to stamp duty default – NIPOST
The Federal Government is losing about N475bn yearly to the non-implementation of the Stamp Duties Act, the Nigerian Postal System has said.
In an interview with our correspondent in Abuja, the Head, Corporate Affairs, NIPOST, Mr. Taiye Olaniyi, said a survey carried out by the postal agency in collaboration with some private sector organisations showed that the full implementation of the Stamp Duties Act could put N475bn into the coffers of government on an annual basis.
The Act, which was last reviewed in 1955, requires that agreements and receipts detailing one transaction or the other should be sealed with adhesive postage stamps.
Olaniyi said the gradual neglect of the law over the years had robbed the Federal Government and the postal organisation a principal source of revenue.
Apart from revenue incidental to the operation of the law, Olaniyi said the use of adhesive postage stamps on legal and financial documents had the capacity to resolve disputes as the stamps would help to authenticate the period a transaction must have taken place.
According to him, land disputes have in the past been resolved through the use of adhesive stamps; adding that since the law has not been abrogated, courts of law still require that legal documents should be sealed with adhesive stamps.