News & Events

JUL 2020 NEWS FUNMILAYO OTSEMOBOR AND TEMITOPE SOWUNMI

The Federal Inland Revenue Service (FIRS) will commence recovery of outstanding stamp duties including duties that have been collected on behalf of the Federal Government by state and other agencies but are yet to be remitted by the relevant ministries, departments and agencies, deposit money banks, etc. This was announced at the inauguration of the Inter-Ministerial Committee on Recovery and Audit of Stamp Duty on June 30, 2020.

Although the modalities for the recovery of outstanding stamp duties were not disclosed at the event, it is envisaged that one of the methods the FIRS could potentially deploy could be to request taxpayers to show evidence of payment of stamp duties in respect of chargeable instruments over a certain period.

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