Nigeria Postal Service launches Stamping Protocol Promotion campaign, says huge revenue hidden in Stamp Duty Act
Nigeria Postal Service (NIPOST) Area Postal Manager, Plateau Territory, Rev Danso Yinka has said that, Stamp Duty Act is an alternative source of revenue and has the potential to generate billions of naira to coffers of both the federal and state governments annually.
Rev Danso, who disclosed this to newsmen at the launching of Stamping Protocol Promotion campaign, Wednesday in Jos, said, “NIPOST has the power to administer the Stamp Duty Act as a means of creating huge revenue base for the country’s economy, but remains unpopular till date among its targeted audience – the citizenry. Majority of Nigerians are not aware of the stamp duty; hence, the need to sensitize the public on the Plateau.”
She said that, the Stamp Duty Act should be seen as an alternative source of revenue to the government if only the government and the people can enforce the implementation/compliance; the resultant effect of this is bringing billions of naira into the coffers of government of Plateau State in particular, and the entire nation at large, on an annual basis.
According to her, “the essence of the campaign awareness is to showcase and publicize the necessity for compliance of Stamp Duty Act in all sectors of the economy, be it private or federal, state or merchants;” adding that, “this awareness is targeted on our audience and the need for them to comply with the said law.”
Rev Danso explained further that, “the low sensitization in the past has led to non-compliance of our people in the nation; hence, we in the NIPOST felt that there is need for public enlightenment in the state, and we believe that, most Nigerians in the state are not fully aware of what that Act is all about.”
She noted that it is mandatory for all receipts to be denoted, and that the compliance is effected in both physical and electronic transactions in all sectors of the economy; adding that, all pay officers are to ensure immediate compliance with the Act by demanding that N50 postage stamp be affixed on all receipts and payment vouchers before making final payment.
She appealed to Plateau State government and local government councils to continue to help NIPOST enforce the compliance of the stamp duty Act in the state, stressing that, if there is strict compliance of the act, the accruing revenue to the federal government will surpass what comes from other agencies within the state.