NECA URGES CAUTION AS FIRS SEEKS ENFORCEMENT OF STAMP DUTIES ACT

The attention of Nigeria Employers’ Consultative Association (NECA) has been drawn to the news making the rounds that the Federal Inland Revenue Service planned to turn its focus on the enforcement of stamp duties. It would be recalled that the Federal Court of Appeal had in the matter between Kasmal International Services Limited and Access Bank and 23 others, directed all Deposit Money Banks (DMB) to discontinue the illegal charging of N50 per transaction in lieu of Stamp Duties. Despite calls by NECA and other well meaning Nigerians, the Central Bank of Nigeria (CBN) is yet to direct Banks to obey the judgment of Court.

DG, NECA, Mr. O.A. Oshinowo

Speaking in Lagos, the Director General of NECA, Mr. Olusegun Oshinowo, remarked that: “the outright disobedience of court order by the CBN is not good for the country, especially as it sends a wrong signal to foreign investors and sets back the efforts of Government at promoting the rule of law”. He added ”the CBN is portraying itself to be bigger than the law of the land”

Speaking further, he averred that: “the OPS welcomes the take-over of collection of stamp duties by the Federal Inland Revenue Service (FIRS), which is in line with extant law, i.e. the First Schedule to the Federal Inland Revenue Service (Establishment) Act except that the amount collectable is 2 kobo and not N50”.