Nipost Parleys Anco on Stamp Duty Enforcement

The Nipost Implementation and Monitoring Team is liaising with the Association of Nigeria Courier Operators (Anco) on effective implementation of stamp Duty Act by Nipost. The Stamp Duty Act makes it mandatory for organizations, government agencies and all establishments to affix fifty naira duty stamp issued by the Nigerian Postal Service on all receipts/invoices evidencing transactions of one thousand naira and above.
The Nipost Stamp Duty Implementation and monitoring Team made a representation at the Anco meeting held last month in Lagos. Charles Duruoha and Magnus Alagbogu of Nipost canvassed for cooperation of the courier professionals in achieving this objective. The Nipost team explained that they were not approaching the assignment from the angle of a conventional task force but to use every persuasive means to attract compliance.
The team said the cooperation of Anco in the agenda was strategic given the cordial relationship between the two bodies and that other sectors are looking up to Anco for successful implementation of the directive.
It would be recalled that the federal government of Nigeria through the Nigerian Postal service has decided to effectively implement the Stamp Duty Act of 1990 cap411 Vol. XX11 Laws of the Federal Republic of Nigeria as reviewed in 2004 chapter 58 Vol.XIV.
Registered courier operators are therefore expected to place their monthly, quarterly or yearly order for their offices nationwide. The Nipost team pledged to supply the stamps to every courier office that needs the stamps at no extra cost to them.
The Nipost Implementation and Monitoring Team also visited the maritime sector and asked for their cooperation with the directive. It was agreed between the stakeholders that September 1 should be the kick off date for the collection of stamp duty in the maritime sector.  Victor Nwagbo, head of operations of the team confirmed to Nigeria Communications Week that the take off date remained sacrosanct.
The team is working round the clock to create the awareness for effective implementation of the act across the sectors in Nigeria. Nwagbo complained that the courier sector is still yet to comply strictly with the directive but said dialogue was still ongoing to achieve the desired collaboration. Toyin Olufade, Anco president, commenting on the issue said members will still be reminded in their next general meeting on the need to conform to the directive assuring that there is no issue with his members complying with that.
Nipost has in its bid to shore up its resource base in line with its reform agenda added fervour to the Stamp Duty Act which had been docile even when it was reviewed in 2004 and pegged a N50 billion target for the team for one year. Payment of stamp duty is not limited to any particular sector. Any monetary transaction exceeding one thousand naira attracts a fifty naira stamp to be affixed on the receipt /invoice of such a transaction to make it a legal transaction. Many people are still confused about stamp duty and there is need that Nipost engages in wide publicity to get everybody along .