Muhammad Nami, executive chairman
of FIRS in a on the tax agency’s
website, said “Any electronic receipt
for, or electronic transfer of, money
deposited with any bank or with any
banker in any type of account of an amount from N10,000 upwards shall
attract a singular or one-off duty of the
sum of N50. “Stamp duty upon receipt (written,
printed or in electronic form) for
transactions between corporate bodies
or between a corporate body and an
individual, group or body of individuals,
which amounts to N10,000 and above, shall be denoted by payment of N50 per
receipt to the service.” The FIRS circular also stated that stamp
duties will be paid on “POS receipts,
fiscalised device receipts, Automated
Teller Machine (ATM) print-outs.” The circular went further to
categorically state that all receipts,
either printed or electronically
generated, or any form of electronic
acknowledgement of money
transactions, will attract the stamp duty of N50. The agency also clarified that it is the
only body authorised to collect such
duties because “the Federal Inland
Revenue Service is the only competent
authority to impose, charge, and collect
duties upon instruments specified in the schedule to this act if such instrument
relates to matters executed between a
company and an individual, group or
body of individuals.” The instruments subject to charge, as
listed in the circular, include; fixed duty
instruments such as Power of Attorney,
Certificate of Attorney, Proxy forms,
Appointment of receivers, Memorandum
of Understanding, Joint Venture Agreements, Guarantors form, Ordinary
agreements and Receipts; and Ad-
valorem instruments such as Tenancy or
lease agreements, legal mortgage or
debentures, Sales agreements and Deed
of assignments.

These people refused to cut down their pays but busy introducing rubbish