Organised Private Sector (OPS), operating under the aegis of Nigeria Employers’ Consultative Association (NECA), has called for the reversal of the recent directive of the Central Bank of Nigeria (CBN) to Deposit Money Banks (DMB) to commence the charging of N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act and Federal Government Financial Regulations (2009).
It would be recalled that organised businesses had opposed attempts by the Nigeria Postal Service (NIPOST) to compel companies to affix a N50 postal stamp on all receipts, invoices and documents evidencing transaction of N1,000 and above.
Speaking in Lagos, Olusegun Oshinowo, director-general of NECA, remarked that: “There is a pending case at the Court of Appeal on this subject matter between Kasmal International Services Limited and Access Bank & 23 others. NIPOST is aware of this development and all parties, as law abiding citizens, were expected to await the pronouncement of the court.”
He stated further that “the power to administer the Stamp Duties Act is within the purview of the Commissioner for Stamps as provided for in Section 6 of the Act, and not NIPOST or CBN and that the Act did not make the affixing of postage stamp mandatory, neither did the Act specify the value to be a N50 postage stamp.”
He urged the Buhari administration not to introduce policies that would increase the burden on the citizens and firms within the economy.
According to him, Nigeria should take a cue from other climes where, Stamp Duty’s applicability is limited to purchases involving large sums like a house purchase or importation of goods as against the position of applying N50 postage stamp to “all receipts given by any bank (or financial institution) in acknowledgement of services rendered in respect of electronic transfer and teller deposits”.
