Senate probes N20 trillion unremitted Stamp Duty cash

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Why has the N20 trillion collected as stamp duty revenue not remitted to the Federation Account by banks and other financial institutions?

The Senate on Tuesday directed its Committee on Finance to investigate the circumstances of the failure to act.

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It mandated the committee to investigate what happened to the revenue collected from 2013 to 2016 and “financial accountability of stamp duty collections from 2016 when the Central Bank of Nigeria (CBN) officially directed all banks to collect on behalf of the Federal Government to date.”

But a tax expert and member of the Joint Tax Board who confided in The Nation said the Stamp Duty Law was clear for banks to remit, but that the challenge has remained the interpretation of the law, which created room for a hold-back on the revenue.

The source said some tax consultants had approached state governments and advised them to ask for their stake in the Stamp Duty and should not leave all the funds to the Federal government.

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