NIPOST to review Stamp Duty Act

19.02.2008

THE Area Manager of Nigeria Postal Ser vices (NIPOST) in Abuja, Mr Yahaya Rufa'i, says there are plans to review the Stamp Duty Act.

“NIPOST is actually working on a legislation and if you observe, we have slowed down publicity on the usage of postage stamps,'' Rufa'i told the News Agency of Nigeria (NAN) on Monday in Abuja.

He added that “Considering the size of the country, it is going to be very difficult for us to implement the act.

“Stamp Duty Act is a legal requirement that affects all transactions involving receipts, bills, payments, agreements and other financial documents from N1,000.

“For such transactions to be legal and valid, the documents must carry N50 postage stamp affixed on it.”

Rufa'i said the review would take care of all the loopholes in the act, including low patronage of the postage stamps.

On the “post cash” initiative, he said the product was well received by Nigerians. “Post cash is an electronic means of transferring money introduced by NIPOST two years ago,” he said.

Rufa'i said the product had worked effectively in the competitive market where financial transaction relied on the use of information technology.