*Senate uncovers N18.6bn NIPOST fund

Posted By: Onyedi Ojiabor


Federal Inland Revenue Service ( FIRS ) and the Nigeria Postal Services ( NIPOST ) are battling over who controls billions of naira accruing from Stamp Duties payment.

While FIRS said that collection of stamp duties is part of its statutory function, NIPOST stoutly disagreed.

NIPOST is spearheading a bill for an Act to amend the Stamp Duties Act, Cap.S8, laws of the Federation of Nigeria 2004, to ensure compliance with current realities and for related matters.

The controversial bill, which emanated from the House of Representatives, has already been passed by the House and referred to the Senate for concurrence.

The bill seeks the amendment of Section 2 of the principal Act by changing the definition of “Stamp” and addition of the definition of words “Proceeds” and “Stamping Protocol”
The bill also seeks the amendment of Section 5 of the principal Act by substituting the word “may” for “shall” in Section 5(2) to read “Where the duty may be denoted by adhesive stamp, Postage Stamps shall be used for the purpose.”

It further seeks amendment of Section 89 of the principal Act in sub 2 to change “may” to “shall” to read “For the purposes of the Act, all income from denotation of receipt, document or instrument with postage stamp shall be known as Stamp Proceeds.”

The Post Master General, Bisi Adegbuyi and Ike Odume, Director Legal Services, FIRS who appeared before the Senate Committee on Finance, argued for and against the bill.

Minister of Finance, Mrs. Kemi Adeosun was also represented at the hearing by Tor Tsavsar, Director Technical Services, Federal Ministry of Finance.

Chairman of the committee, Senator John Owan Enoh, said that the hearing became necessary to enable the Senate take informed position on the bill.

Enoh noted that although the House of Representatives has passed the bill, his committee was mandated to consider it for its merit or demerit.

The committee questioned the submission of the Post Master General, “because it came without letter head and was not signed.”

Enoh asked Adegbuyi to do the needful before he could be allowed to make his presentation.

The FIRS representative said that the Service was opposed to the bill in its entirety because NIPOST wanted to usurp its statutory function.

Odume said that the Act NIPOS sought to amend affects the 36 states of the Federation “and for the amendments to pass 36 states of the Federation must be around to make their input.”

He noted that the Stamp Duties Act is a tax legislation which has nothing to do with NIPOST.

The subsisting Stamp Duties Act, he said, gave the Federal Government and states the leeway to generate revenue and has nothing to do with post office.

Odume noted that the proposed amendment aimed at eroding the statutory powers of the FIRS.

He said, “FIRS was given a law to administer which includes Stamp Duties Act. Item 96 of FIRS Act is the administration of Stamp Duties Act. What is the mischief of NIPOST in amending the law. Stamp Duty is a form of tax. All NIPOST is seeking is to usurp the power of the FIRS and the 36 states. It should not be allowed.”

Representative of the Ministry of Finance adopted the position of FIRS on the bill and sought periodic review of the rate of stamp duty.

The committee chairman remarked that any body could seek amendment of a law “what is important is the content and what the bill seeks to achieve.”


The Post Master General told the committee that the bill is a private member bill

Adegbuyi in his presentation said that the amendment of the Stamp Duties Act became necessary because the law has become obsolete and no longer relevant to meet the challenges of modern day.

He said that NIPOST was only asking to be allowed to sell stamp either manually of electronically.

Adegbuyi said, “We are seeking the amendment of the Act to include sale of postage stamp. We are not collecting tax. It is in the interest of Nigeria to draw a line between duty and stamp. We want to sell our stamp.”

He prayed the committee to allow the bill to pass.
Chairman of the committee asked the Post Master General the whereabouts of N18.6 billion the committee stumbled upon in the account of NIPOST.

Enoh asked severally “where is this money, where is it. This committee wants to know where the money is. This committee is interested to know where the money is kept.”

The committee also demanded to know how the huge fund was accumulated.

The Post Master General told the committee that the money is with the Central Bank of Nigeria (CBN).

Adegbuyi said that NIPOST do not have access to the fund.

http://thenationonlineng.net/firs-nipost-battle-control-stamp-duties-funds/

lalasticlala

Leave it with FIRS

So NIPOST iz still working....i 4got about dem oo

Nigeria

Alright

They have brought one owoeye story again to make us forget the imminent problems

Yawa dey

Lol, It is very simple. Nipost should be allowed to sell the stamps while FIRS should be allowed to tax it

Bossontop:

So NIPOST iz still working....i 4got about dem oo

My broda... the last time I, myself, entered NIPOST office to buy stamp must have been over 10 years ago. I'm still shocked to see a letter with NIPOST stamp... it's as rare as public water.

Does FIRS collect revenue from Customs or FGCs? If so, then there's precedent and stamp revenues should be handed over. If not... well, that's what lawmakers are for abi... let them make the law instead of just sitting there taking pictures of themselves with cars (like that one whose name rhymes with milo)

Lol. Everyone is confused...Buhari!

What is the purpose of this "battle"? Common good or corruption?

dre11:


*Senate uncovers N18.6bn NIPOST fund






http://thenationonlineng.net/firs-nipost-battle-control-stamp-duties-funds/

Money don come govt agencies dey fight

Rouges

NIPOST na one bunch of armed robbers....i used their logistics service recently to move my things from Lagos to Abuja....aside the crazily high price of the service....the driver and the motor boy and their manager had an agenda to milk me dry..... they purposely left my washer and one split unit AC in Lagos....since Jan 11th till date I have not still received the ones they deliberately left behind.... awon armed robbers... after paying 175k for their 5 tonnes truck to Abj, the driver and motorboy still were demanding 10k for doing their job... the fleet manager has been disturbing me since last week to help him with 5k.... awon oloshi jati jati

NIPOST is a stupid Body..
They stole the stuff sent to me via USPS.
It shall never be well with them..
Bastards!!!

Bossontop:

So NIPOST iz still working....i 4got about dem oo

They are oh, they sell JAMB e-pin

Stamp duty or what, once there is stamp in it nipost to me is the rightfully owner.

Nipost? Nigeria get Postal Service?

NIPOST should better go and work on their poor service delivery.

Wetin concern FIRS with stamp duty now? They will not go and hound people like customs na ordinary NIPOST dem dey scatter ground with. Let the lawmakers settle the matter once and for all.

Intergovernment agency rivalry... Does all the funds not go to TSA still. Just thinking aloud.

engrkaz:
NIPOST na one bunch of armed robbers....i used their logistics service recently to move my things from Lagos to Abuja....aside the crazily high price of the service....the driver and the motor boy and their manager had an agenda to milk me dry..... they purposely left my washer and one split unit AC in Lagos....since Jan 11th till date I have not still received the ones they deliberately left behind.... awon armed robbers... after paying 175k for their 5 tonnes truck to Abj, the driver and motorboy still were demanding 10k for doing their job... the fleet manager has been disturbing me since last week to help him with 5k.... awon oloshi jati jati

Quite painful.... Huge lesson learnt though...
That's what you get from such a lousy institution.

When e don reach money matter, na so dem go de battle... When will corruption end?

Wow, they are fighting over who should share the money.

Even a day old child know that anything stamp duties as to do with Nipost, FIRS is just trying to corner the bill to their own advantage.

The funds should belong to the FG through NIPOST as the collecting agent.

seXytOhbAd:
Lol, It is very simple. Nipost should be allowed to sell the stamps while FIRS should be allowed to tax it

Lol stamp is a form of tax itself, so u cannot tax tax, dats double tax

Keneking:
Leave it with FIRS

I disagree. FIRS collects huge amount of funds from other sources, so the duty should be left with Nipost to shore up its finances and make it completely independent of government funding.

engrkaz:
NIPOST na one bunch of armed robbers....i used their logistics service recently to move my things from Lagos to Abuja....aside the crazily high price of the service....the driver and the motor boy and their manager had an agenda to milk me dry..... they purposely left my washer and one split unit AC in Lagos....since Jan 11th till date I have not still received the ones they deliberately left behind.... awon armed robbers... after paying 175k for their 5 tonnes truck to Abj, the driver and motorboy still were demanding 10k for doing their job... the fleet manager has been disturbing me since last week to help him with 5k.... awon oloshi jati jati

Did you say you paid 175k
Private companies like Chisco could have moved your property more efficiently for less than 100k.I am not advertising for Chisco, but just writing on the experience I had with them.

wow

vertueptime:


Lol stamp is a form of tax itself, so u cannot tax tax, dats double tax

How is stamp a form of tax?

It more of payment for services rendered. Since NIPOST are the one rendering the services of delivery the mails, they should be the one collecting the payment and remitting same to the Federal Government.

Can FIRS go to immigration office to collect money paid to process International Passports? What about the collection of fees paid to procure Driver's license?

BruzMoney:
They have brought one owoeye story again to make us forget the imminent problems

Confused Rodent.

linearity:


How is stamp a form of tax?

It more of payment for services rendered. Since NIPOST are the one rendering the services of delivery the mails, they should be the one collecting the payment and remitting same to the Federal Government.

Can FIRS go to immigration office to collect money paid to process International Passports? What about the collection of fees paid to procure Driver's license?

I ment stamp Duty not regular stamps, my mistake