NPA Implements Mandatory Stamp Duty on Truck Receipts

In a bid to augment revenue streams and in accordance with a directive from the Federal Ministry of Finance, the Nigerian Ports Authority (NPA) has instituted a compulsory N50.00 stamp duty charge on every N1,000 receipt issued to truck drivers, marking a significant development in the realm of port operations.

Mandatory Stamp Duty Implementation

The Nigerian Ports Authority, in collaboration with Trucks Transit Parks (TTP), has introduced a compelling policy shift, stipulating a mandatory N50.00 stamp duty on each N1,000 receipt presented to truck drivers. This move seeks to harness additional revenue sources and align with broader fiscal strategies outlined by the Federal Ministry of Finance.

Guidelines and Compliance

A notice circulated on August 14th, as observed by PUNCH, conveyed the specifics of this directive. It elucidated that, commencing from September, the NPA mandated the TTP to initiate the implementation of this directive, warranting the affixation of N50.00 stamps on all receipts with a value of N1,000.00 and above. The directive emanated from the Finance Act and a subsequent circular issued by the Federal Ministry of Finance.

Navigating the Stamp Duty

The notice highlighted that the policy was in alignment with a circular dated April 19, 2021, from the Federal Ministry of Finance, which instructed all Ministries, Departments, and Agencies of Government to imprint N50.00 stamps on receipts amounting to N1,000.00 or more. In a collaborative effort between the NPA and the Nigerian Postal Service (NIPOST), the implementation of this directive was negotiated. TTP, as a conduit in this process, is set to apply this policy change to all transactions processed through the eto platform, necessitating an additional N50.00 charge.

The notice explicated, “Stakeholders engaging with TTP in the port environment will experience the impact of this directive. Effectively starting from September 1, 2023, all reservations on the eto platform will incur a mandatory supplementary fee of N50.00. This proactive action, in response to the directive by the NPA, ensures compliance with the designated fiscal measures outlined by relevant authorities.”

This decisive measure by the NPA underpins its commitment to optimizing revenue generation mechanisms while complying with governmental fiscal mandates.