RMAFC set to probe banks over stamp duty collections

                         RMAFC

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) is set to probe commercial banks over stamp duty collections.

According to a statement by its spokesperson, Mr. Ibrahim Mohammed, the probe which is to commence soon would involve a forensic investigation of the funds that have so far been collected as stamp duty by 22 Deposit Money Banks (DMB) from 2000 to 2018. RMAFC is the only constitutional body vested with the powers to monitor all revenue accruals into the Federation Account.

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To this end, it said: “The commercial banks had been deducting the sum of N50 on every deposit with a value of N1,000 and above since January 2000.

“At the moment, the total sum of N33bn had been realised through the collection of stamp duties, which falls far below the expectation of stakeholders.

“It is expected that at the end of the exercise, over 100 billion would be recovered.”

The statement added the Commission had concluded “arrangements to engage the services of reputable forensic audit firms to carry out the probe of the banks.

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“The probe will be comprehensive as it will cover the affixed stamp used on cheque books prior to the introduction of electronic transactions.”

The Commission observed that “if NIPOST is properly repositioned through appropriate legal and regulatory framework and the introduction of appropriate technology, the Agency can generate over 500 billion.”

Therefore, the Commission appealed to the National Assembly and the Federal Government to initiate measures for the amendment of the NIPOST Act to enable it to expand the economy and attract more revenue to the Federation.

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