Connect with us

Business

Stamp duties collection account not illegal- NIPOST

Published

on

Estimated Reading Time: 2

The Nigerian Postal Service (NIPOST) has refuted the claim by the Federal Inland Revenue Service (FIRS) that the agency is operating an illegal stamp duty account.

In a statement signed by the NIPOST General Manager, Corporate Communications, Franklin Alao said that the account was opened by the Central Bank of Nigeria under the Treasury Single Account (TSA) in consultation with the Office of the Accountant General of the Federation, in the name of NIPOST Stamp Duties Collection Account when CBN gave instruction to Deposit Money Banks (DMB) to commence the deduction of N50 stamp duties from bank customers accounts.

The statement partly read: “The Nigerian Postal Service (NIPOST) attention has been drawn to a publication by the Federal Inland Revenue Service (FIRS) that NIPOST operated an illegal stamp duty account.

“According to the publication, the Director of Communication and Liaison of FIRS made the statement in a series of tweets.

“We hereby state categorically that the statement is false and was made to misinform and mislead members of the public.

“The account the Director of Communication FIRS made reference to as “illegal” was opened by the Central Bank of Nigeria under the Treasury Single Account (TSA) in consultation with the Office of Accountant General of the Federation, in the name of NIPOST Stamp Duties Collection Account when CBN gave instruction to Deposit Money Banks (DMB) to commence the deduction of #50 stamp duties from bank customers accounts.

“The account belongs to the Federation and NIPOST does not have access to whatsoever monies lodged into the account, as such the question of illegality and misappropriation does not arise.”
NIPOST wishes to restate that under the extant laws of Nigeria to wit NIPOST Act 2004 provides and vests solely in NIPOST the power to print adhesive postage stamps, which is the instrument for denoting documents and other transaction instruments in compliance with the provisions of the Stamp Duties Act.

Historically, the Post in Nigeria, just like in the comity of nations, has at different times produced adhesive postage stamps and revenue stamps for the Federal Government. It is to this end that NIPOST seeks the proper implementation of the Finance Act.

The statement further read: “…NIPOST was, therefore, taken aback when FIRS took to the tweeter to call out the Chairman, NIPOST Board, Barrister Maimuna Yaya Abubakar, who only tried to bring the attention of the Service and public that NIPOST would be emasculated, if the Act is not properly implemented.

“More so when there was a meeting between FIRS and NIPOST in July 2013 in the office of the Executive Chairman of FIRS, a resolution was reached that NIPOST is statutory duty bound to provide the stamps to be used by FIRS at both federal and State levels.

“We wish to reassure members of the public that NIPOST as a responsible government institution has always operated within the ambit of the law. We therefore urge the general public to disregard the statement credited to the Director, Communication and Liaison, FIRS on the issue.”

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *