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NIPOST Submits Fresh Bill for Stamp Duty Amendment

peter oluka

The Nigerian Postal Service (NIPOST) has proposed a fresh Bill for the amendment of stamp duty Act.

The new bill submitted to the National Assembly, Nigeria CommunicationsWeek gathered, is for the amendment of the stamp duty act, 2004.

The bill is aimed at modifying certain ambiguities in the act and legalising all collections through commercial banks from January 2017.

According to a source at NIPOST, the amendment follows the ruling of a Lagos appeal court, nullifying stamp duty on electronic transfers.

Commercial banks had commenced the deduction of 50 Naira on electronic transfers following a Central Bank of Nigeria (CBN), directive issued in January, 2016.