Kogi State Commences Stamp Duty Act

Kogi State Government says all is set for the full operation of the Stamp Duty Act.

The State Commissioner for Information and Communication, Mr. Kingsley Fanwo mada this known in a statement in Lokoja, saying the Act offers the state the opportunity to shore up her revenue.

Mr. Fanwo said the Government will embark on massive sensitization to orientate the people on the operation of the Act.

He said the stamp duty act is a massive revenue pot that the state government will explore to generate as much as it can for the welfare and development of the State.

Fanwo said 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 state.

He explained that the state internal revenue generation has a mandate to take billions into the state coffers on monthly basis to enable the state government meet the aspirations and need of the people of 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.

“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.

“Every revenue is important to the Government as the Governor is working hard to fulfill his social contract with the people of Kogi State”.

He said some of the stamp duty items include 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.

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.

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