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RMAFC to recover N100b stamp duty from banks

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NIPOST

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is to probe banks over stamp duty to the tune of N100 billion.

A statement yesterday by the commission’s spokesperson, Ibrahim Mohammed, in Abuja, did not specify when the probe would commence.

He, however, said the inquiry would involve a forensic investigation of the funds that had so far been collected as duty by 22 deposit money banks (DMBs) from 2000 to 2018.

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

“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 N33 billion had been realised through the collection of stamp duty which fall far below the expectation of stakeholders.

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

Mohammed added that the commission had concluded arrangements to engage the services of reputable forensic audit firms to carry out the exercise.

He promised that the investigation would be comprehensive.

Mohammed posited that the Nigerian Postal Service (NIPOST) could generate over N500 billion if well repositioned.

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