Stamp Duty Collection: RMAFC to Probe 22 Banks, Hopes to Recover N100b

The Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, said it would subject 22 Deposit Money Banks, DMB), to a probe over stamp duties collection.

To that effect, the Commission said it has concluded arrangements to engage the services of reputable forensic audit firms.

A statement by the commission’s spokesperson Mr Ibrahim Mohammed, on Sunday in Abuja, said the commission expects to recover more than N100 billion from the probe, but did not however, specify when the probe would begin.

The probe would also look into the funds that have been collected by the banks as stamp duty from 2000 to 2018.

“To this end, the commercial banks had been deducting the sum of N50 on every deposit with a value of N1,000 and above since January 2000. At the moment, the total sum of N33 billion had been realised through the collection of stamp duties which falls far below the expectation of stakeholders.

READ ALSO: FUOYE To Showcase Talents At African Drums Festivals 2019

“It is expected that at the end of the exercise, over N100 billion would be recovered,” the statement said.

RMAFC is the only constitutional body vested with the powers to monitor all revenue accruals into the Federation Account.

Also, Mohammed appealed to the National Assembly and the Federal Government to initiate measures for the amendment of the NIPOST Act to enable it to expand the economy and attract more revenue to the federation.

In a related development, RMAFC spokesman disclosed that the Commission has embarked on the reconciliation exercise of signature bonuses and other miscellaneous revenues from the oil and gas industry to enable the commission engage other stakeholders.

According to him, this would help to reduce revenue leakages and enhance remittance into the federation account.

He solicited the support of stakeholders, especially the Department of Petroleum Resources (DPR), the Federal Inland Revenue Services (FIRS) and the Central Bank of Nigeria (CBN) to enable it succeed in the exercise.