NIPOST Lists Gains Of Stamp Duty Policy

The Corporate Communi
cations Manager of the Lagos Territory of the Nigeria Postal Service (NIPOST), Mrs Valarie Ekeogu, has described the new N50 stamp duty as an instrument to authenticate business transactions.
Ekeogu made the statement in an interview with newsmen in Lagos on Thursday.
She said the stamp duty would go a long way in assisting people to authenticate their business transactions.
“The public should start to come to terms with the use of the stamp duty as part of measures for re-building the country’s economy.
“The N50 stamp duty does not stop business from growing, instead it authenticates business transactions,’’ Ekeogu said.
According to her, many Nigerians are used to evading tax but now nobody will have a place to hide after the introduction of the stamp duty.
Ekeogu advised the populace to always affix N50 stamp on any transaction above one N1, 000 as a way of generating income for the economy.
“The revenue will be utilised for the development of the nation’s economy, which in turn will provide employment opportunities.
“Stamp duty is the only duty paid by the rich and the poor. NIPOST staff and families are not exempted from it,’’ she said.
The CBN on January 19 introduced a stamp duty of N50 on bank transactions.