FG earns 127.04 billion naira on stamp duty in 5 years – CITN – Blueprint Newspapers Limited
The Chartered Institute of Nigeria (CITN) said the Federal Government (FG) collected N127.04 billion in stamp duty revenue between January 2015 and July 2020.
He said, the stamp duty is a great source of revenue for both the federal government and the state governments.
âThe whole world is currently affected by the Covid-19 pandemic which has devastated the economy of many countries around the world; Nigeria included. Nigeria therefore needs to look inward to find ways to finance its huge budget and reduce its annual budget deficit challenge through increased tax revenue generation, âCITN said.
The institute said that the overhaul of the administration of stamp duties is a real tool to achieve this goal, in line with the current orientation of the national tax policy, which aims to increase indirect taxes such as the tax on the value added (VAT) and stamp duty (SD) while reducing direct taxes such as corporate income tax (IS), education tax, income tax capital (CGT), among others.
The body therefore urged the Joint Tax Council to step up its efforts to raise public awareness of the instruments that must be stamped by law and the corresponding fees to be paid.
âThe stamp duty law should be reviewed, reorganized, redefined, simplified and should also clarify the scope and limit of the powers of the commissioner, harmonize the list of instruments and increase the applicable rates to reflect current economic realities and political orientation. government on job creation to encourage investment, âhe said.
In a document made available by Proshare, a group of analysts, a special division of federal or state high courts is expected to be tasked with dealing with stamp duty issues where stamp duty violators will be prosecuted to deter d ‘other people who might want to perform such an act.