NECA rues FIRS enforcement of N50 stamp duties

Please follow and like us:

  • 0
  • Share

The Nigeria Employers’ Consultative Association (NECA), has warned that it would be illegal for the Federal Inland Revenue Service to commence the enforcement of the N50 Stamp duties.

The employers body insisted that the duty has been nullified by court, hence its enforcement by any government agency would be contradicting the law.

It would be recalled that the Federal Court of Appeal had in the matter between Kasmal International Services Limited and Access Bank and 23 others, directed all Deposit Money Banks (DMB) to discontinue the illegal charge of N50 per transaction in lieu of Stamp Duties.

But NECA lamented that despite the calls by it and other well meaning Nigerians, the Central Bank of Nigeria (CBN) is yet to direct Banks to obey the judgment of Court.

He however expressed surprise that a government agency is now planning  to turn its focus on the enforcement of the said stamp duties.

He said, “the outright disobedience of court order by the CBN is not good for the country, especially as it sends a wrong signal to foreign investors and sets back the efforts of government at promoting the rule of law. “The CBN is portraying itself to be bigger than the law of the land.”

Oshinowo noted that it might not be out of order for FIRS to collect stamp duties, but for the amount.

“The OPS welcomes the take-over of collection of stamp duties by the Federal Inland Revenue Service (FIRS), which is in line with extant law, i.e. the First Schedule to the Federal Inland Revenue Service (Establishment) Act, except that the amount collectable is 2 kobo and not N50”.

Facebook Comments

Please follow and like us:

  • 0
  • Share

Leave a Reply

Your email address will not be published. Required fields are marked *