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Use of revenue stamp in Nigeria.
The first revenue stamp from the Nigerian Postal Service (NIPOST) after the amendment of the Finance Act in December 2020 has been unveiled.
Henceforth, the FG will use the N50 revenue stamp by the NIPOST to grow its revenue while taxing all citizens of Nigeria for all business transactions and agreements.
The NIPOST revenue stamps provided mostly merchandise taxing purposes, however, the FG is stepping that up.
According to Minister of Communication and Digital Economy, Dr Isa Pantami, NIPOST revenue stamps will enable the FG to “authenticate all lawful transactions.”
“So, henceforth, in all these transactions, based on the provisions of the Finance Act 2020, we must ensure that as good citizens, we comply with it in all our activities,” the minister said.
Revenue stamp for all trasactions in Nigeria
Revenue stamp is different from postage stamps that are solely for mailing purposes though the NIPOST issues both.
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Revenue stamp is mostly for taxing transactions rather than posting mails.
While the revenue stamp will authenticate legal transactions, as Isa Pantami noted, there are conditions by the authorities that indicate the purposes, value and where stamps should apply.
As the FG targets reforming the NIPOST to make it a revenue-generating service, some of the areas where the revenue stamps will apply in Nigeria include;
- Tobacco
- Newspapers
- Medicine
- Alcoholic drinks
- Fees
- Issuing a foreign visa
- Court filings
- Land deeds
- Business registrations
- Marriage certificates
- Birth certificates
- Other document to certify that payment
The official unveiling of the revenue stamp is the first step to reforming the NIPOST.
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NIPOST revenue stamps are required to be destroyed after use to ensure that the FG does not lose reveue from stamp reuse.
