The Kogi State government has declared that all is now set for the full operation of the Stamp Duty Act.
Accordingly, the state government disclosed it would embark on massive sensitisation on the operation of the Act.
The state’s commissioner for information and communication, Hon Kingsley Fanwo, who disclosed this in a statement he issued in Lokoja said the Act offers the state the opportunity to shore up her revenue.
Fanwo said, “The KGIRS has a mandate to take in billions into our coffers on monthly basis to enable Government meet the aspirations and need of the people of Kogi State.
“As a government rooted in the hearts of the people, it is not our idea to impose heavy taxes on the people. But we are looking at areas where previous administrations did not see.
“The Stamp Duty Act is a massive revenue pot that the administration will explore to generate as much as we can for the welfare and development of our dear State.
“We cannot continue to rely on the dwindling revenue from the Federation Account. The situation has taught us to invent ways of generating more revenue internally without heaping heavy burden on our people.
“We wish to inform the general public that the Kogi State Internal Revenue Service will immediately activate the hitherto dormant Stamp Duty Revenue line in the state. Every revenue is important to the Government as the Governor is working hard to fulfill his social contract with the people of Kogi State.”
Fanwo added that the activation of the Stamp Duty Act is in line with the New Direction Agenda Of the Governor Yahaya Bello Administration to diversify its revenue source in the face of the dwindling inflow from the center.
He said some of the stamp duty items include the following: Flat Rate Charges, Ordinary Receipts, Ordinary Tenancy Agreement, Certificate of Occupancy, Affidavit Affirmations, statutory declaration, declaration of age, declaration of loss of items and declaration of ownership of properties. Others are Collateral security, Bond(Ordinary), Agreement (Memo of any agreement), Appointment of Trustees or attorney, Proxy forms or cards and J. Notories Act.
The commissioner further said the Advalorem Charges (Varying charges) include the following:
Contract agreement, Land agreement, Lease agreement, sub lease agreement, Lease hold agreement or Rent agreement, Deed of assignment, Deed of ratification and Deed of confirmation.
Others are Deed of release, hire purchase, Legacy(immovable), Promissory note/IOU and many others.
It would be recalled that the state government under the leadership Of Governor Yahaya Bello assented to the Bill to create the Act in 2016, becoming the second state after Lagos to domesticate the act.
Fanwo said government would do further sensitization to carry the populace along and ensure the people have a buy-in to make the operation seamless and successful, assuring that it is in the interest of the state and the people.