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RMAFC Probes 22 Banks over unremitted N100b Stamp Duty

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The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), disclosed that it will probe 22 deposit money banks in the country over the funds collected as stamp duty since January 2000 worth N100 billion.

This was made known in statement issued by the Commission which was signed by the Commission’s spokesman, Ibrahim Mohammed.

The commission stated N33 billion remitted so far by the banks are below expectations adding that the agency hopes to recover N100 billion from the probe.

Stamp duties are charges collected on legal documents such as cheques, receipts, military commissions, licences and land transaction papers.

Customers are charged N50 for every transaction worth N1000 and above.

The statement reads,“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,” he said.

“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.

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

According to the statement, the commission will engage forensic audit firms to carry out the probe which will cover stamps used on cheque books prior to the introduction of electronic transactions.

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