Cost of Tokunbo Vehicles, Food, other Items to Rise as FG Introduces N50 Stamp Duty For Every N1,000

• The Nigerian Ports Authority has introduced N50 Stamp Duty on Every receipt of N1,000 and above
• The new directive follows a notice to Trucks and Transit Parks to begin the implementation of the duty
• The notice said the directive aligns with the Finance Act of the Nigerian Government and was issued by the Ministry of Finance

There are indications that the cost of imported goods such as food items and used vehicles is set to rise with N50 Stamp Duty imposed on every N1,000 receipt by the Nigerian Ports Authority.

The NPA and the Trucks Transit Parks (TTP), in a notice to all stakeholders on Monday, August 14, 2023, disclosed the development.

New directive is a policy of the Nigerian government

TTP management said that the NPA directed it to begin the implementation of the directive immediately on the denotation of all issued receipts of N1,000 and above in value of N50.

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According to TTP, the directive is the Federal Ministry of Finance policy issued two years ago to all heads of Ministries, Department and Agencies (MDAs).

The notice partly reads:

“In furtherance to the provisions of the Finance Act, the Federal Ministry of Finance issued a circular (dated April 19, 2021) directing all heads of Ministries, Departments, and Agencies of Government to denote all issued receipts of N1,000.00 and above in value with N50.00 Stamp produced by the Nigerian Postal Service (NIPOST).

Vanguard reports that the directive follows engagements between NPA and NIPOST to begin the implementation of the circular directing TTP.

According to the notice, the circular was issued on April 19, 2021, asking all heads of Ministries, Departments, and Agencies of Government to denote all receipts of N1,000 and above in value of N50 Stamp Duty produced by the Nigerian Postal Service (NIPOST).

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New directive differs from Electronic Transfer Levy

TTP said the directive aligns with the provisions of the Finance Act, stating that the Stamp Duty is only for those doing business with it around the port environment.

“In the light of the foregoing, all stakeholders are, by this notice, informed that in compliance with the directive mentioned above of the NPA, TTP would commence implementation of the said directive from September 1, 2023 (“Effective Date”),” the notice said.

The Stamp duty is only for those operating businesses around the port environment. It differs from the broader Electronic Transfer Levy imposed on Nigerian bank users for every receipt of N10,000 and above.

NPA Makes N191.4bn in first half of 2023, remits N55.7bn to consolidated revenue fund

Legit.ng reported that The Nigerian Ports Authority (NPA) has generated total revenue of N191.4 billion from its operations in the first half of 2023, remitting N55.712 billion to the Consolidated Revenue Fund (CRF) of the Federation.

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ThisDay reports that the disclosure is in a half-year 2023 performance report released by the NPA’s Managing Director and Chief Executive Officer, Mohammed Bello Koko.

Speaking on the report, Bello-Koko said that the existential economic headwinds at the micro and macro levels and the operational statistics for the first six months are reassuring.

Source: Legit.ng