The Nigerian Postal System claims that the Federal Government is losing about N475bn yearly to the non-implementation of the Stamp Duties Act.
The head of NIPOST’s Corporate Affairs Taiye Olaniy stated that a survey carried out by the postal agency in collaboration with some private sector organisations showed that the full implementation of the Stamp Duties Act could put N475bn into the coffers of government on an annual basis.
The source notes that the Act, which was last reviewed in 1955, requires that agreements and receipts detailing one transaction or the other should be sealed with adhesive postage stamps.
Taiye Olaniy said that the gradual neglect of the law over the years had robbed the Federal Government and the postal organisation a principal source of revenue.
“Apart from revenue incidental to the operation of the law the use of adhesive postage stamps on legal and financial documents had the capacity to resolve disputes as the stamps would help to authenticate the period a transaction must have taken place. Land disputes have in the past been resolved through the use of adhesive stamps. Since the law has not been abrogated, courts of law still require that legal documents should be sealed with adhesive stamps,” he explained.
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