#DidYouKnow The Federal Government inaugurated, on Tuesday 30th June, 2020, an Inter-Ministerial Committee on the Audit and Recovery of Backlog of Stamp Duties, chaired by the Attorney-General of the Federation and Minister of Justice; Abubakar Malami, SAN.
Membership of the Committee is drawn from @FinMinNigeria, Office of the Accountant-General of the Federation, @OfficialOSGFNG; Revenue Mobilization, Allocation and Fiscal Commission; Nigerian Financial Intelligence Unit (NFIU), @cenbank and @firsNigeria.
Section 111 of the Stamp Duty Act states that “all duties, fines, penalties and debts due to the Government of the Federation imposed by this Act shall be recoverable in a summarily manner in the name of the Attorney-General of the Federation or the State.”
In a virtual meeting with States Attorneys-General; Chair, FIRS; and the Members of the Joint Task Board today, August 11, 2020, HAGF @MalamiSan assured that @NigeriaGov will provide the much needed support to all States, as may be required, to recover the backlog of Stamp Duty.
He also called for the support and cooperation of the Attorneys-General of the 36 States, and the Joint Tax Board, on the proposed audit and recovery of backlog of stamp duties from 15th January, 2016 to 30th June, 2020.
Note: By Paragraph 7, Item B of Part II of the Second Schedule to the Constitution and Section 4(2) of Stamp Duty Act, State Governments are empowered to collect stamp duties in respect of transactions between individuals residing in their respective States.
Note: The Finance Act 2019 amendment to the Stamp Duties Act, particularly Section 52-56, clearly defines the responsibilities for the administration of Stamp Duties in Nigeria and jurisdiction of participating taxing authorities.
Note: The Federal Inland Revenue Service @firsNigeria is the competent tax authority to administer, assess, collect, and account for stamp duty in Nigeria. //
