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Lagos tackles FG in court over N50 stamp duty

 
Nigerian News Update » Nigerian Newspapers
Punch Newspaper
 
 
The Lagos State Government has approached the Supreme Court to challenge the collection of N50 stamp duty by the Federal Government on every N1,000 transaction conducted by customers in all commercial banks operating in Lagos State.

In an appeal filed before the apex court by its Attorney General and Commissioner for Justice, Mr. Adeniji Kazeem, Lagos State is contending that it ought to be the one collecting the N50 stamp duty rather than the Federal Government.

Kazeem argued that by virtue of Section 4(1) of the Stamp Duties Act, Cap S8 Laws of the Federation of Nigeria, 2004, the Federal Government had no right or power to collect and keep money paid as stamp duties on behalf of federating units.

Lagos State urged the Supreme Court to declare as illegal the instruction given to the Central Bank of Nigeria to deduct and remit to the Federal Government N50 stamp duty collected on every N1,000 bank transaction conducted within the Lagos State territory.

The state wants the apex court to make an order compelling the Federal Government to remit to it all such monies it had so far collected as stamp duty on bank transactions conducted within the Lagos State territory.

Kazeem argued that Section 163(b) of the Constitution gives the state an entitlement “to the sum equal to the proportion of the net proceeds of the sum collected as duties on such transaction within the territory of Lagos State.”

While urging the Supreme Court to interpret the provisions of the Stamp Duties Act, 2004, he expressed the belief that Section 4(2) of the Act makes the collection of the N50 stamp duty the exclusive preserve of the state.
 
 
 
 
 
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