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NEWS UPDATE: No recoveries yet on Stamp Duty, Malami writes 36 Governors

NEWS UPDATE: No recoveries yet on Stamp Duty, Malami writes 36 Governors

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN has composed letters to every one of the Governors of 36 conditions of the Federation to agree with review and recuperation of the overabundance of stamp obligation assets from fifteenth January 2016 to 30th June 2020.

The letter read partially “As per Mr. President’s endorsement and orders, I additionally wish to demand Your Excellency to coordinate the State Ministries, Departments, Agencies, and Regulatory Institutions of Financial Sector to draw in and award admittance to the named Recovery Agents with the end goal of the Audit and Recovery of Stamp Duty to guarantee that all settled liabilities are dispatched as suitable,” the letter peruses in part.

“The recuperations are being directed for the Federal Ministries, Departments, Agencies and Financial Institutions. At this stage, liabilities are being set up, and no genuine recuperation has been made.

Malami’s position was unveiled on Wednesday in Abuja in an assertion gave by his Special Assistant on Media and Public Relations, Dr. Umar Jibrilu Gwandu because of tumults by the governors.

The articulation said Section 111 of the Stamp Duty Act allowed the Attorney General of the Federation a restrictive ability to recuperate any remarkable installment or settlements identified with stamp duty.

The letters were composed as per the arrangement of Section 111 of the Stamp Duty Act which gives that “all obligations, fines, punishments and obligations because of the Government of the Federation forced by this Act be recoverable in a synopsis way for the sake of the Attorney General of the Federation or the State”.

Gwandu said what the Attorney General of the Federation did was to initiate those forces, direct the review and recuperation of an overabundance of stamp obligation as a team with stakeholders.

He said the Federal Government of Nigeria has set up an Inter-Ministerial Committee on Audit and Recovery of Back years Stamp Duties from fifteenth January 2016 to 30th June 2020.

Members of the advisory group were drawn from the Office of the Attorney General of the Federation and Minister of Justice, in a joint effort with applicable offices including the Office of the Secretary to the Government of the Federation, Federal Inland Revenue Service, Office of the Accountant General of the Federation, Ministry of Finance, Central Bank of Nigeria, Revenue Mobilization and Fiscal Allocation Commission, among others.

The Statement said considering the need to give a thorough outline of the interaction and for the legitimate comprehension of the errand, the Attorney General of the Federation coordinated a gathering with Attorneys General of States as they all have comparable forces as for the stamp obligation of Ministries, Departments, Agencies and Financial Institutions in their particular states.





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