FIRS makes N66bn from stamp duties in five months 

The Federal Inland Revenue Service (FIRS) has generated the sum of N66 billion from stamp duties in five months.

The FIRS Director, Communications and Liaison Department, Abdullahi Ahmad, made this known in a statement in Abuja on Tuesday.

Mr Ahmad said the Executive Chairman of FIRS, Muhammad Nami, disclosed this at the inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties and the unveiling of the FIRS Adhesive Stamp in Abuja.

Mr Nami said the sum was made between January and May.

“The introduction of the FIRS Stamp Duties Adhesive Stamp will, among other things, plug the revenue sink-hole, enable proper accountability and transparency, simplify administration of Stamp Duties and reduce disputes”.

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The statement disclosed that the Secretary to the Government of the Federation (SGF), Boss Mustapha, said “In the face of dwindling oil revenue, and the global shift away from oil dependent technological products, it is even more compelling now to begin to think out of the box in order to safeguard the future of our country.

“Therefore, this administration has resolved to widen the revenue base by activating stamp duties revenue collection which has been neglected for more than 20 years.

“I hereby also direct and request that all relevant MDAs, particularly the Central Bank of Nigeria, NIBBS, MDBs, FIRS, NIPOST should give maximum cooperation to the Committee in the discharge of its mandate”.

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