Over The Finance Acts Of 2021 And 2022, A Citn Member Petitions The Nba

Francis Uzoma Ubani (FCTI), a member of the Chartered Institute of Taxation of Nigeria’s (CITN) Taxation Standards and Practice Monitoring Committee, has filed a complaint with the NBA about a number of clauses in the Finance Acts of 2021 and 2022.

He accused attorneys of yesterday in a document made accessible to press of giving space to “brazen breach” of the 1999 Constitution (as amended).

The letter states: “Deposit Money Banks (DMBs) and financial institutions should start from now on remitting to the relevant tax authorities in the various federating states of the federation any qualified chargeable stamp duties or Electronic Money Transfer Levy (EMTL) accruable to the different federating states of the federation pursuant to Section 4 (2) of the Stamp Duties Act (as amended) to the FIRS (Federal Inland Revenue Service).”

“Under Sections 4(1) and 4(2) and Sections 163(a) and (b) of the 1999 Constitution (as amended), the various federating states of the federation have a duty to investigate and monitor the recovery of stamp duties/EMTL that accrue to both the Federal Government and state governments. These duties include recovering unremitted stamp duties from banks and other businesses in the various sectors of the economy.

“It is clear that the Federal Government’s activities through the FIRS, CBN (Central Bank of Nigeria), and DMBs in the collection, remittance, and distribution of stamp duties/EMTL leave much to be desired and raise concerns about the motivation behind the unwholesome actions of the Federal Government and its agencies, the FIRS and CBN, in this regard.