Again, NIPOST challenges FIRS over stamp duty collection

*NIPOST’s account on stamp duty with CBN not illegal, says top official  

Isola Moses | ConsumerConnect

As the seemingly unending confusion over which agency of the Federal Government collects the instrument tax otherwise called Stamp Duty remains, the Nigeria Postal Service (NIPOST) has said the Federal Inland Revenue Service (FIRS) lied about NIPOST’s stamp duty account with the Central Bank of Nigeria (CBN).

Franklin Alao, General Manager, Corporate Communications at NIPOST, in a statement Sunday said that the NIPOST’s account with the CBN was duly opened for the purpose of stamp duty and was not illegal.

Alao stated: “Nigerian Postal Service (NIPOST) attention has been drawn to a publication by the Federal Inland Revenue Service (FIRS) that NIPOST operated an illegal stamp duty account.

“According to the publication, the Director of Communication and Liaison of FIRS made the statement in a series of tweets.

“We hereby state categorically that the statement is false, and was made to misinform and mislead members of the public.”

The NIPOST General Manager, Corporate Communications clarified that the account the Director of Communication of FIRS made reference to as “illegal” was opened by the Central Bank of Nigeria under the Treasury Single Account (TSA) in consultation with the office of Accountant-General of the Federation, in the name of NIPOST Stamp Duties Collection Account when CBN gave instruction to Deposit Money Banks (DMB) to commence the deduction of #50 stamp duties from bank customers accounts.”

“The account belongs to the Federation and NIPOST does not have access to whatsoever monies lodged into the account, as such the question of illegality and misappropriation does not arise,” Alao said.

He re-emphasised that NIPOST Act 2004 provides and vests solely in NIPOST the power to print adhesive postage stamps, which is the instrument for denoting documents and other transaction instruments in compliance with the provisions of the Stamp Duties Act.

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