The Federal Government has declared that the imposed N50 stamp duty on Point of Sales transactions by merchants is illegal and Nigerians should report violations with evidence when they occur. The Central Bank of Nigeria (CBN) on Monday, clarified issues of the extra charges on customers by merchants, insisting that N50 stamp duty is a fee regulated by an act that directs merchants to pay all necessary taxes as regulated by government agencies.
This position was reiterated by the Federal Competition and Consumer Protection Commission (FCCPC) in a statement by its Chief Executive Officer, Babatunde Irukera, who insisted that in collaboration with the Central Bank of Nigeria (CBN), other relevant regulators and law enforcement authorities, the law will be enforced to its fullest extent. “The Commission hereby provides this guidance pursuant to S. 18 (2) FCCPA and prohibits any such assessments pursuant to S. 18 (a), (e), (f) and (h).
“In addition to the provisions above, such assessments may be in violation of other extant provisions and law, including S. 129 (1) (a) and (2). The Commission, in collaboration with CBN, other relevant regulators and law enforcement authorities, intends to enforce the law to its fullest extent and invites consumers to report violations (when they occur) with evidence of such violations.”