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FIRS Says All Illegal Stamp Duty Fees Collected By NIPOST Will Be Recovered

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‘All Illegal Stamp Duty Fees Collected By NIPOST Will Be Recovered’ Says FIRS

The Federal Inland Revenue Service (FIRS) has responded to the allegation levied against its body by the Nigerian Postal Service (NIPOST) over the printing and sales of Stamp Duty to the public.

FIRS Nigeria, in a tweet titled ‘‘That Vexed NIPOST Tweet by Mrs. Maimuna Abubakar’’ responded to an earlier tweet by Maimuna Abubakar, the chairperson, NIPOST.

FIRS stated that normally it would not have responded to the tweet but given the sensitivity of the situation, it must, therefore, respond in order not to mislead the public.

Part of the Tweets read “NIPOST is a government parastatal established by Decree 41 of 1992 with the function to *develop, promote, and provide adequate and efficiently co-ordinated postal services at reasonable rates*.”

“This function is clearly contrary to the claim by NIPOST over the administration of stamp duties in Nigeria. On the other hand, the FIRS is the sole agency of government charged with the responsibility of *assessing, collecting, and accounting for all tax types including Stamp Duties*.”

FIRS, therefore, said all illegal funds collected by NIPOST for stamp duty will be recovered to the last kobo in line with President Muhammadu Buhari’s inaugurated Inter-ministerial committee, on the recovery of stamp duties from 2016 till date.

The tweet also noted that “In addition, anyone found culpable of misappropriating the funds in the said illegal NIPOST Stamp Duties Account would be made to face the law as provisioned by the country’s statute books.’’

‘‘The public is hereby reminded that we at the FIRS are resolute in our resolve to safeguard national interests and not any personal ego or interest as NIPOST officials appear to carry on lately.’’

A recap to what Mrs. Maimuna Abubarka tweeted on Sunday August 2, 2020 on her twitter handle at @reg_ng. says that “I am worried for NIPOST, having sleepless night because of NIPOST, we need the general public to come to our aid, FIRS stole our mandate FIRS are now selling stamps instead of buying from us.’’

“What is happening, are we expected to keep quiet and let FIRS kill and bury NIPOST? We need to get our mandate back.”

“NIPOST are the sole custodians of national stamps, another agency printing and selling stamps is against the law/ of the land.”

Abubakar also added that “FIRS did not only steal our stamps but also our ideas, what NIPOST had worked for since 2016, our documents, patent and sneaked everything into finance bill and tactically removed the name of NIPOST.’’

“I like to make this clear, NIPOST is the only agency charged with the responsibility of producing adhesive stamps and revenue for the for the purchase of such stamp accrues to NIPOST.”

“There is no where in FIRS act or stamp duty act where it’s so stated that FIRS can produce stamp or sale stamp.”

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Finance

Stanbic IBTC Obtains Approvals, License to Establish Life Insurance Subsidiary

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Stanbic IBTC Holdings Plc on Friday announced that it has obtained all required Regulatory Approvals and a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary, Stanbic IBTC Insurance Limited (SIIL).

In a statement signed by Chidi Okezi, Company Secretary, Stanbic IBTC and released on Friday, the bank said “The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.

“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

“Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”

 

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World Bank to Discuss New $1.5 Billion Loan Request From Nigeria

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Zainab Ahmed

The Finance Minister, Budget and National Planning, Mrs. Zainab Ahmed, on Friday said the Federal Government has met all the conditions for a fresh loan of $1.5 billion from the World Bank.

The minister disclosed this on Bloomberg TV.

She said the multilateral financial institution is in the final stage of approving the loan. The minister explained that the loan will be discussed in the bank’s next meeting and possibly be approved in the same meeting.

In June, the Senate approved the borrowing plans but the World Bank pushed back demanding Nigeria fulfill the conditions attached to the $3.4 billion loan received from the International Monetary Fund (IMF) in May.

Some of the conditions were to increase revenue generation by upping VAT, the introduction of tariff reflective electricity bill, the removal of subsidy and the unification of the nation’s foreign exchange.

Most of which the Federal Government has done despite protests from most Nigerians who called the new policies anti-people given their current situation.

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Nigeria Realises Over N400 Billion from Company Income Tax in the Third Quarter of 2020

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The Federal Government realised N416.01 billion from Company Income Tax (CIT) in the third quarter of the year, according to the latest report from the National Bureau of Statistics (NBS).

This was 3.48 percent higher than the N402.03 billion generated in the second quarter of the year and represents a decline of 20.13 percent year-on-year from N520.89 billion realised in the third quarter of 2019.

A breakdown of the report showed the professional services sector including the telecoms generated the highest amount of CIT at N55.52 billion during the quarter, while the manufacturing sector followed with N42.03 billion.

The banking and financial institutions realised N24.05 billion while the mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N120.93 million, N167.51 million and N321.72 million generated, respectively.

The report added that out of the total amount realised during the quarter under review, a sum of N244.70 billion was generated as CIT locally. The federal government collected N70.34 billion as foreign CIT payment and the remain N100.97 billion was received as CIT from other payments.

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