THE QUAGMIRE OF STAMP DUTIES COLLECTION IN NIGERIA VIS-À-VIS OTHER JURISDICTIONS: A COMPARATIVE VIEW

Abstract

Stamp duties in Nigeria have consistently generated over ₦1trillion in revenue annually, making it one of the government's most reliable tax streams. However, recently there has been a logger head and or quagmire amongst the two government parastatals that is the NIPOST and FIRS on the appropriate authority designated for collection of stamp duties. The law has not helped matter as it was unclear on the exact body the function is conferred on. This work is aimed at examining the legality or otherwise of Nigerian postal authority collecting postal stamp and the powers of banking industry in Nigeria collecting stamp duty vis-à-vis its remit. The writer examined whether such situation is obtainable in UK, India, Ghana and South Africa. The writer also examined whether receipt is chargeable to stamp duty and its limitation if any and however made necessary recommendations.