The Association of Senior Civil Servants of Nigeria (ASCSN), has commended the Federal Inland Revenue Service (FIRS) for boosting Federal Government’s revenue with N66 billion through stamp duty collection.
The union posited that when juxtaposed against the N18 billion realised from stamp duty collected between January to December 2019, the N66 billion raked in from January to May 2020 would be recognised as a rare feat and a clear demonstration that the FIRS management team was discharging its duties creditably.
Secretary-General of ASCSN, Alade Lawal, noted that it was quite remarkable that within the first five months in the year, the agency was able to generate such huge revenue.
While enjoining the agency to keep up the good work, the union tasked the FIRS that before the year ends, revenue collected from stamp duties should be unparalled in the history of the organisation.
The union urged the presidency, the management team of the FIRS and the general public to disregard the grandstanding and disinformation being propagated by failed experts, including rabble rousers masquerading as trade unionists trying to disparage the high profile performance of the revenue agency. It said the retrogressive elements desperately seeking relevance and public attention should be declared persona non-grata.
According to the ASCSN, Section 4(1) of the Stamp Duty Act, vests the FIRS with sole authority to impose, charge and collect stamp duties upon instruments specified in the schedule of the Stamp Duties Act where such duties relate to matters between a company and an individual, group or body of individuals.
“The relevant tax authority in a state, by Section 4(2) of the Stamp Duties Act is empowered to collect Stamp Duties on instruments executed by individuals at such rate as may be determined by the Act.
“Previously, the FIRS collected Stamp Duties on instruments executed by an individual resident in the Federal Capital Territory. However, this has ceased upon the creation of the FCT Internal Revenue Service,” the ASCSN said.
