The total sum of N33bn had been realised through the collection of stamp duties, which falls far below the expectation of stakeholders. It is expected that at the end of the exercise, over N100billion will be recovered.
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says it would probe 22 commercial banks over remittance of stamp duty since 2000.
In a statement issued by its spokesperson, Ibrahim Mohammed, on Sunday, the commission said N33billion had been remitted so far.
Mohammed said the probe would cover affixed stamp used on cheque books prior to the introduction of electronic transactions.
The statement read: “The commercial banks have been deducting the sum of N50 on every deposit with a value of N1,000 and above since January 2000.
“At the moment, the total sum of N33bn had been realised through the collection of stamp duties, which falls far below the expectation of stakeholders. It is expected that at the end of the exercise, over N100billion will be recovered.
“The commission has concluded arrangements to engage the services of reputable forensic audit firms to carry out the probe of the banks. The probe will be comprehensive as it will cover the affixed stamp used on cheque books prior to the introduction of electronic transactions.”
RMAFC said NIPOST could generate over N500billion per annum from the Stamp Duty Act if backed with appropriate legal and regulatory framework and the introduction of appropriate technology.
It urged the National Assembly to initiate measures to amend the NIPOST Act to enable the postal organisation expand the economy and attract more revenue to the federation.