The Revenue Mobilization Allocation and Fiscal Commission indicated it intends to commence forensic investigatory audits of “deposit money banks” with respect to their stamp duty collection activities for the periods from 2000 to 2018.
The audits are being planned to verify whether these banks (there are 22 banks subject to the audits) have been adequately charging and collecting stamp duties on “qualifying transactions”—in particular, the ₦50 stamp duty collectible by these banks on certain qualifying bank transactions.
Some tax professionals have questioned this planned forensic investigation exercise because the Federal Inland Revenue Service (FIRS) is the agency that has the authority to administer stamp duties on transactions involving companies (or in this situation, the 22 deposit money banks). Also, the ability of the banks to charge and collect the ₦50 stamp duty has been questioned. In any event, the subject banks will want to consider the possible implications of the stamp duty investigations.
Read a May 2019 report [PDF 139 KB] prepared by the KPMG member firm in Nigeria
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