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Now NIPOST has the Right for collection of Stamp duty from FIRS

Ali Isa Pantami, the minister of communications and digital economy, says the Nigerian Postal Service (NIPOST) is the legal producer of stamp duties through the 2020 Finance Act.

This means that NIPOST will take over the collection of stamp duties from the Federal Inland Service (FIRS).

Pantami was speaking on Thursday at the unveiling ceremony of the Diamond anniversary commemorative postage stamps in Abuja.

According to a statement released by the ministry, NIPOST is empowered to generate revenue.

In his remarks, Pantami said the significance of the stamps is deeply rooted in our national history as an independent nation.

“The stamps bring to life, our founding fathers and the roles they played birthing our independence from our colonial masters,” the minister said.

“This set of stamps illustrate the fact that we can achieve greater success, when we are united, regardless of our diverse ethnocultural and religious differences. Furthermore, these stamps are to be used in authenticating and validating our official documents.”

Pantami further noted that in spite of the enormous challenges bedevilling the Nigerian Postal Service (NIPOST), the federal government is committed to repositioning the organisation to attain its maximum potential in adding value to the economy.

There has been contention between the FIRS and NIPOST over which agency is the custodian of stamp duty following the implementation of the Stamp Duty Act.

NIPOST alleged that the FIRS had stolen its mandate while the FIRS said it is not violating any law by collecting stamp duty.

Abdullahi Ahmad, FIRS director of communication and liaison, said there is a difference between stamp duty and postage stamp, adding that, “FIRS is the sole agency of got charged with the responsibility of assessing, collecting, and accounting for all tax types including stamp duties”.

NIPOST had insisted that it had the statutory power to print, mint, produce, retail, and provide adhesive postage stamps.

According to the 2019 finance act, a N50 stamp duty is payable on any bank deposit or transfer of N10,000 or more, except deposits or transfers between accounts maintained by the same person in the same bank.


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