22 banks to face probe over stamp duty collections … RMAFC Targets recovery of over N100 billion
22 banks to face probe over stamp duty collections
. RMAFC Targets recovery of over N100 billion
By Udeme Clement
About 22 deposit money banks, doing business in the country may face probe over stamp duty collections.
Financial Business learnt that the commercial banks affected are going to be probed by the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, over stamp duty collections.
The press statement signed by the RMAFC spokesman, Mr. Ibrahim Mohammed, explained that the probe will begin soon, as the Commission wants to use forensic investigation of the funds so far collected as stamp duty by 22 banks from 2000 to 2018 economic year.
To ensure a thorough exercise, the Commission has concluded plans to engage the services of reputable forensic audit firms, to carry out the probe of affected banks.
The statement added that the probe will be comprehensive, in order to cover the affixed stamp used on cheque books prior to introduction of electronic transactions.
The statement said that affected banks deducted N50 on every deposit, with a value of N1,000 and above since January 2000, showing that about N33billion had been realised through the collection of stamp duties, which falls below the expectation of stakeholders
The Commission stressed that the expectation is to recover over N100 billion at the end of the exercise.