NPA, TTP Introduces N50.00 Stamp Duty on N1,000 Receipt

The Nigerian Ports Authority, NPA, and the Tucks Transit Parks, TTP, have introduced a mandatory N50.00 stamp duty payment on every N1,000 receipt issued to truck drivers.

In a notice to all stakeholders issued yesterday, the management of TTP said that the NPA has directed it to commence the implementation.

According to TTP, the directive is a policy of the Federal Ministry of Finance issued about two years ago to all Heads of Ministries, Departments and Agencies.

Part of the notice explained that 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 N1,000.00 and above in value with N50.00 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 theTrucks Transit Parks Limited [TTP], to commence the implementation of the circular on the denotation of all issued receipts of N1,000.00 and above in value with N50.00.