Reps urges NIPOST to account for stamp duty charges

House of Representatives has mandated the Committee on Telecommunications to liaise with the Nigerian Postal Service (NIPOST) to account for the total account collected so far as Stamp Duty Charges and where the money has been deposited.

Hon. Odeneye Kehinde Olusegun had in a motion harped on the need to ascertain the total amount of stamp duty charges collected by NIPOST, adding that the introduction of the charges had resulted in protests by Nigerians who demanded for clarification on the policy.

The federal government has however, assured of transparency, accountability and effective communication in the execution of the policy, whereas the lawmakers stance is that since the introduction of the charges, no information had been disseminated by the NIPOST on the total amount that has so far been collected.

According to the House, NIPOST is responsible for collection of stamp duty charges and the amount collected is expected to be paid into the Consolidated Revenue Fund of the Federation.

Daily Times recalls that the federal government had in January 2016 issued a circular to banks and other financial institutions to commence the collection of N50 per transaction from their customers as Stamp Duty for money received through electronic transfers, cash or cheques.

The directive was also for each bank to open an account designated as NIPOST Stamp Duty Account into which all charges collected should be paid and subsequently transferred every month to the Central Bank of Nigeria (CBN) NIPOST Stamp Duty Collection Account, while other financial institutions were directed to remit their collections to any deposit money bank of their choice.

The committee has four weeks to complete its assignment and to report back for further legislative action.