TAX THE TAXABLE: THE NEW NORMAL UNDER THE STAMP DUTIES ACT

ABSTRACT

In recent times, the Federal Government of Nigeria has become more decisive; a nation on the mission to generate revenue for the purposes of government expenditures, diversifying the economy from the monolithic oil/gas economy to a “multi-talented” and fiscally viable economy where revenue can be generated from everything and from everywhere. In this work, the author is mainly optimizing qualitative data to examine the Constitution of the Federal Republic of Nigeria 1999, Stamp Duties Act, Finance Act 2019, and the relevant extant laws to determine the constitutionality or otherwise of the recent amendment to the Stamp Duties Act. This article is to give perspective, to consider, and examine who is about to infringe on the right of another, if that is the case in the imposition of stamp duties. This paper also questions the power of the Federal Inland Revenue Service to impose stamp duties and the consequences thereof.

Keywords: Tax Revenue, Stamp Duties, Finance Act

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About the Author

Favour Chukwudi Roberts is a practicing lawyer in Lagos State with interest in commercial and corporate law with a particular interest in taxation. He is a graduate of Law and Political Science from the University of Nigeria, Nsukka and Enugu State University of Science and Technology (ESUT) respectively. He can be contacted via email: robertsfec@gmail.com.