• About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, February 26, 2021
Daily Concord News
  • Home
  • News
    • All
    • Africa
    • local
    • Nigeria
    • Science
    • World
    Attack on Abayi Police Station: Police Neutralise Four Attackers, Arrest Eight, Recover Arms and Ammunition

    Attack on Abayi Police Station: Police Neutralise Four Attackers, Arrest Eight, Recover Arms and Ammunition

    2020 Budget: Senate approves N11.35bn for Police Trust Fund

    Senate confirms Ex-Service Chiefs as Ambassadors-Designate 

    Senate confirms Ex-Service Chiefs as Ambassadors-Designate 

    Virtual Assets, Cryptocurrencies Risky for Nigeria – ICPC Boss

    Virtual Assets, Cryptocurrencies Risky for Nigeria – ICPC Boss

    President Buhari Sends Condolences To NAF, Families of Victims of Military Plane Crash

    President Buhari Sends Condolences To NAF, Families of Victims of Military Plane Crash

    Billiri Chieftaincy Tussle: President Buhari Condemns Violence, Calls For Maximum Restraint To Avoid Escalation

    Trending Tags

    • Politics
    • Business
    • Sports
    • Entertainment
      • All
      • Gaming

      Timipre Sylva Inaugurates the National Gas Expansion Programme, Committee

    • Tech
      • All
      • Startup

      What You Need To Know About Buhari’s Historic Solar Power Project For Five Million Households

      Knowledge on Demand: How EdTech Makes Learning Easier, Faster and Safer

      Nurturing Nigeria’s Digital Economy By Salisu Na’inna Dambatta

      Artificial Intelligence Cannot End Privacy: What Technologists Need To Understand

      How The Buhari Administration Is Taking Technological Revolution Serious

      BAYELSA/KOGI ELECTION RESULTS: PDP Should Accept Defeat with Grace

      Trending Tags

    • Lifestyle
      • All
      • Food
      • Health
      Abuja Global Shapers Hub Pay A Velentine Day Visit To Kubwa General Hospital

      GIVE A GIFT – The Abuja Global Shapers Valentine’s Edition

      A NEW NIGERIA IS COPIED: Men Don’t Cry, But I Cried!

      The Food Matter By Salisu Dambatta

      Food Prices: Roots and Tubers To The Rescue

      Food Prices: Roots and Tubers To The Rescue

      Farmers/Herders Relationship: Gov Ganduje Inaugurates Stock Routes Demarcation Committee

      Survival Strategies of Families during the Pandemic Lockdown

      Trending Tags

    • Opinion
    No Result
    View All Result
    Daily Concord News
    No Result
    View All Result
    Home Business

    On Making Stamp Duty The New Black Gold by Muhammad Nami

    July 2, 2020
    in Business, local, News
    3 min read
    0
    23
    SHARES
    30
    VIEWS
    Share on WhatsAppShare Share

    This matter of making the Stamp Duty (and by implication tax revenue) the next black gold has occupied my mind even long before I was appointed the Executive Chairman of the Federal Inland Revenue Service. I have thought that given the way the Nigerian economy has been experiencing some difficulties due to unpredictable shocks in the competitive international oil market, it would be economically wise that the country begins to activate its latent tax potentials such as the stamp duty which has long been neglected. For me, the key to Nigeria’s economic prosperity is the tax revenue driven by Stamp Duties in the face of dwindling oil revenue.

    Although, the Stamp Duty Act has been in place since 1939, not much attention is paid to it. Yet, if properly harnessed and administered it can be a goose that will lay the golden egg for the Federal Government. My optimism stems from the fact that Stamp Duty has the potential to yield tax revenue in the region of trillions of naira per annum. For instance, after we carried out an analysis of transactions in the banking sector, we discovered that in 2019 alone the total volume of transactions both chargeable and non-chargeable was over N52 billion of which the total value of transactions was over N613 trillion. If you compute N50 Stamp Duty on the chargeable transactions, of course, your guess is as good as mine. Presently, feelers from certain quarters have it that if the records of stamp duties on chargeable transactions from the year 2000 to present were to be scrutinised it would be discovered that trillions of unremitted stamp duty revenue are realisable.

    Advertisements

    Thus, I feel excited when recently the President and Commander-in-chief of the Armed Forces of the Federal Republic of Nigeria, Muhammadu Buhari inaugurated the Inter-ministerial Committee on the Audit and Recovery of Back Year Stamp Duties. This is an important step towards diversifying the Nigerian economy.

    It is obvious that oil revenue has contributed greatly to the various infrastructural developments so far achieved in the country. These developments are noticeable in all sectors of the economy, and they are too many to be accounted for in this short piece. Yet, despite this seeming developmental leap, Nigeria has progressively slid into an import dependent economy from its prime position as an export economy prior to the discovery of oil in 1958.

    For me, therefore, it is reassuring that Stamp Duty is an enduring tax type that can withstand any economic shocks because of the varied instruments on which it can be charged. The table below highlights the various instruments on which the Stamp Duty is payable.

    FIXED DUTY INSTRUMENTS

    AD-VALOREM INSTRUMENTS

    Power Of Attorney (PoA)

    Deed of Assignment

    Certificates of Occupancy (C of O)

    Sales Agreement

    Proxy forms

    Legal Mortgage or Debentures

    Appointment of Receiver

    Tenancy or Lease Agreements

    Memorandum of Understanding (MoU)

    Insurance Policies

    Joint Venture Agreements (JVA)

    Contract Agreements

    Guarantor’s form

    Vending Agreement

    Ordinary Agreements

    Promissory Notes

    Receipts

    Charter-Party

    Contract Notes

    In addition to these instruments, any electronic receipt or electronic transfer, money deposited in any bank or with any banker or any type of account of an amount from N10,000 upwards shall attract a singular or one-off duty of the sum of N50. In the same way, Stamp Duty is payable on receipt (written, printed or in electronic form) for transactions or between corporate bodies or between a Corporate body and an individual, group or body of individuals, which value amounts to N10,000 and above.

    This then is the hub of my optimism about making the Stamp Duty the next black gold for the Federal Government. Of course, this is not without its challenges. However, I am upbeat that my team and I are poised to scale the huddles, and to, as a matter of national interest and patriotic zeal, ensure that tax revenue, in deed, the Stamp Duty becomes the next black gold.

    Muhammad Nami

    Executive Chairman, FIRS

    Advertisements
    Tags: FIRSMuhammadu NamiStamp Duty
    SendShare9Tweet6Share2Send
    Previous Post

    President Buhari Commends Economic Team, Wants Nigeria’s Quick Exit from Under Development

    Next Post

    We’re Determined to do More to Protect Poor, Vulnerable Nigerians - President Buhari

    Next Post

    We’re Determined to do More to Protect Poor, Vulnerable Nigerians - President Buhari

    Stay Connected test

    • 529 Fans
    • 13 Followers
    • Trending
    • Comments
    • Latest

    How Atiku’s Lawyer’s Travelled To Cambridge To Confirm Buhari’s Certificate – And The Disappointment That Followed

    September 6, 2019

    Vanguard Apologizes To Professor Osinbajo Over Fake News, Retracts Story

    September 25, 2019

    I Will Waive my Constitutional Immunity to Clear my Name – Osinbajo

    September 25, 2019

    N90bn scandal: Stop Threatening Media Houses, Sue me, Frank tells Osinbajo

    September 25, 2019
    Attack on Abayi Police Station: Police Neutralise Four Attackers, Arrest Eight, Recover Arms and Ammunition

    Attack on Abayi Police Station: Police Neutralise Four Attackers, Arrest Eight, Recover Arms and Ammunition

    0
    Nigeria

    Lest We Forget: Security Issues in Nigeria from 1999 to Date!

    0
    Ministerial list: Nigerians react to Buhari’s nomination of Akpabio, Keyamo, Saraki, others

    Ministerial list: Nigerians react to Buhari’s nomination of Akpabio, Keyamo, Saraki, others

    0
    Channels TV Reporter Precious Owolabi Shot During Shiite, Police Clash Is Dead

    Channels TV Reporter Precious Owolabi Shot During Shiite, Police Clash Is Dead

    0
    Attack on Abayi Police Station: Police Neutralise Four Attackers, Arrest Eight, Recover Arms and Ammunition

    Attack on Abayi Police Station: Police Neutralise Four Attackers, Arrest Eight, Recover Arms and Ammunition

    February 24, 2021

    2020 Budget: Senate approves N11.35bn for Police Trust Fund

    February 24, 2021
    Senate confirms Ex-Service Chiefs as Ambassadors-Designate 

    Senate confirms Ex-Service Chiefs as Ambassadors-Designate 

    February 23, 2021
    Virtual Assets, Cryptocurrencies Risky for Nigeria – ICPC Boss

    Virtual Assets, Cryptocurrencies Risky for Nigeria – ICPC Boss

    February 23, 2021

    Recent News

    Attack on Abayi Police Station: Police Neutralise Four Attackers, Arrest Eight, Recover Arms and Ammunition

    Attack on Abayi Police Station: Police Neutralise Four Attackers, Arrest Eight, Recover Arms and Ammunition

    February 24, 2021
    16

    2020 Budget: Senate approves N11.35bn for Police Trust Fund

    February 24, 2021
    16
    Senate confirms Ex-Service Chiefs as Ambassadors-Designate 

    Senate confirms Ex-Service Chiefs as Ambassadors-Designate 

    February 23, 2021
    15
    Virtual Assets, Cryptocurrencies Risky for Nigeria – ICPC Boss

    Virtual Assets, Cryptocurrencies Risky for Nigeria – ICPC Boss

    February 23, 2021
    16
    Daily Concord News

    Bringing the most intriguing News from around the world you everyone in a positive way

    Follow Us

    Browse by Category

    • Africa
    • Basketball
    • Business
    • Economy
    • Education
    • Food
    • Football
    • Foreign Affairs
    • Gaming
    • Health
    • Health
    • Interviews
    • Lifestyle
    • local
    • News
    • Nigeria
    • Opinion
    • Politics
    • Science
    • Security
    • Sports
    • Startup
    • Tech
    • Uncategorized
    • World

    Recent News

    Attack on Abayi Police Station: Police Neutralise Four Attackers, Arrest Eight, Recover Arms and Ammunition

    Attack on Abayi Police Station: Police Neutralise Four Attackers, Arrest Eight, Recover Arms and Ammunition

    February 24, 2021

    2020 Budget: Senate approves N11.35bn for Police Trust Fund

    February 24, 2021
    • About
    • Advertise
    • Privacy & Policy
    • Contact

    © 2019

    No Result
    View All Result
    • Home
    • News
    • Politics
    • Business
    • Sports
    • Entertainment
    • Tech
    • Lifestyle
    • Opinion

    © 2019

    Go to mobile version