The Ogun State Internal Revenue Service, OGIRS, has reiterated that the deduction of stamp duty on bank transactions does not amount to taxation.
The Executive Chairman of OGIRS, Mr. Olugbenga Olaleye, made this clarification on Thursday while speaking on a Yoruba programme, titled ‘Ayekooto’.
He explained that stamp duty deductions are statutory charges paid into government coffers to support public spending on important sectors such as infrastructure, education, healthcare, security and other social services.
Represented by Director, Field Operations, Mrs. Oluwaseun Olajube, the revenue agency chairman emphasised that low-income earners stand to benefit the most from the ongoing tax reforms, appealing to the public to refrain from spreading rumours and misinformation capable of undermining public confidence.
He added that creating sufficient disposable income for citizens would enhance productivity and stimulate rapid economic growth, urging taxpayers to comply by paying only the appropriate taxes.
“If you like operate ten bank accounts, your BVN and NIN will reveal your identity. It is your income that is taxable, not the amount of money spread into the accounts you have,” he said.
Olaleye assured taxpayers that loans, transfers, gifts and savings are not subject to taxation under the new reforms, while appealing to citizens to remain patient with the government and encouraged taxpayers to be faithful in declaring their income.
Deduction of stamp duty charges on bank transactions not taxation – OGIRS
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