Lagos Assembly Passes Regulation To Claim 30 Percent Revenue From Stamp Duty

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The Lagos State House of Assembly has passed a regulation to claim 30 percent revenue accruable to Nigeria Postal Service (NPS) through N50.00 stamp duty deduction by commercial banks.

The Federal Government had directed the Central Bank of Nigeria (CBN) since January this year to impose stamp duty of N50 on bank customers for money received into their accounts.

Bank customers would henceforth pay N50 stamp duty for money received into their accounts via electronic transfer, cash and cheques.

The order was contained in a circular to all Deposit Money Banks and Other Financial institutions titled, Collection and Remittance of statutory charges on receipts of Nigeria Postal Service under the Stamp Duties Act.

In a report titled, “Stamp Duties Recovery and Collection Regulation, 2016,” which was read at the Committee of the whole by a member of the House, Kazeem Alimi, it was stated that one of the objectives of the regulation is to “empower the state government to access its entitlement at least 30 percent monthly deduction by Nigeria Postal Service.”

Alimi, who read the report on behalf of the House committee Chairman on Finance, Oluyinka Ogundimu, added that the report was in line with executive briefing members had with the state Attorney-General and commissioner for Justice, Adeniji Kazeem.

He maintained that the state government needs a legal backing from the House to claim all the revenue from January till date and for subsequent deductions.
Also speaking on the report the Majority Leader of the House, Sanai Agunbiade explained that the legal backing as required by the executive was not to contemplate legal tussle but to fulfil their responsibility as legislators.

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