The Federal Inland Revenue Service (FIRS) has made it clear that it is still in charge of stamp duties collection, as against the news that went round in social media that the Finance Act 2020 has stripped it of the collection functions on behalf of the Federal Government.
A statement today, March 16 by the Service’s Director, Communications and Liaison, Abdullahi Ismaila Ahmad, the FIRS said that it remains the only federal agency permitted by law to collect Stamp Duties on behalf of the Federal Government of Nigeria. Therefore, the FIRS urges all taxpayers to disregard the aforementioned fake news and continue to pay their Stamp Duties charges to the FIRS nationwide.”
The statement called on taxpayers, tax practitioners and the general public to ignore what it called: “this unfortunate attempt to cause confusion by twisting the Honourable Minister’s speech.
“The attention of the Federal Inland Revenue Service (FIRS) has been drawn to false publications in some newspapers and electronic/social media platforms misquoting a recent speech by the Honourable Minister for Communications and Digital Economy on the administration of Stamp Duties in the country.
“For the avoidance of confusion arising from such publications, the FIRS hereby informs the general public, especially taxpayers, that the Honourable Minister was misquoted as saying that the administration of Stamp Duty was granted to NIPOST by the Finance Act 2020. The speech attributed to the Honourable Minister was definitely, and unfortunately, quoted out of context.
“For the record, the Honourable Minister merely stated that NIPOST would henceforth produce the ADHESIVE STAMPS required by FIRS to denote Stamp Duties. This position is in line with Section 2 of the Stamp Duties Act (as amended by Section 46 of the Finance Act 2020).
“The Honourable Minister for Communications and Digital Economy, Dr. Isa Pantami, is a patriot with unarguable passion for the rule of law and stability of the country.”