NPA institutes a #50.00 stamp duty charge for each #1,000 issued receipts

Stamp duty payments will be required starting in September 2023.In order to encourage truck drivers operating in the ports, the Nigerian Ports Authority (NPA) and Trucks Transit Parks (TTP) have announced the payment of #50.00 in stamp duty for every #1000 receipts.The NPA directed the association to start implementing the directive on the denotation of all issued receipts of #1,000.00 and above in value with #50.00 with effect from September in the statement dated August 14, 2023 that was sent to stakeholders by the management of TTP. According to the TTP, the Federal Ministry of Finance issued the new direction to all heads of ministries, departments, and organizations in accordance with the Finance Act around two years ago. Part of the notice 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 ?1,000.00 and above in value with ?50.00 Stamp produced by the Nigerian Postal Service (NIPOST). Following engagements between the Nigerian Ports Authority (NPA) and NIPOST on the implementation of the circular issued, the NPA has now directed our company, Trucks Transit Parks Limited [TTP], to commence the implementation of the circular on the denotation of all issued receipts of ?1,000.00 and above in value with ?50.00."