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RMAFC To Probe 22 Banks Over Stamp Duty Collections

The Revenue Mobilization Allocation And Fiscal Commission Says It Is Set To Probe 22 Commercial Banks Over Stamp Duty Collections.

In A Statement Issued By The Commission’s Spokesman, Mr Ibrahim Mohammed,  The Agency  Said That The Probe Would Involve A Forensic Investigation Of The Funds That Had So Far Been Collected As Stamp Duty By 22 Deposit Money Banks From 2000 To 2018.

Mr. Mohammed Said That RMAFC Was The Only Constitutional Body Vested With The Powers To Monitor All Revenue Accruals Into The Federation Account.

Reports Say The RMAFC Had Recently Secured The Approval Of The National Economic Council To Probe Accruals To The Federation Account Through Stamp Duty Following Dissatisfaction With What The Banks Had Been Remitted Into The Stamp Duty Account Warehoused At The Central Bank Of Nigeria.

Mr. Mohammed Said,The Commercial Banks Have Been Deducting The Sum Of N50 On Every Deposit With A Value Of N1, 000 And Above Since January 2000.

He Noted  That Nipost, Which Is The Operator Of The Stamp Duty Act, If Properly Repositioned Through Appropriate Legal And Regulatory Framework And The Introduction Of Appropriate Technology, Could Generate Over N500bn Per Annum.

The Commission, Therefore, Appealed To The National Assembly And The Federal Government To Initiate Measures For The Amendment Of The Nipost Act To Enable The Postal Organisation To Expand The Economy And Attract More Revenue To The Federation.

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