It is now illegal for receipts or documents to be issued without the stamp denotation of the Nigerian Postal Service (NIPOST).
This was declared on Thursday when NIPOST officially launched the stamp denotation implementation for traders at the Alaba International Market, Ojo, in Lagos, according to a News Agency of Nigeria (NAN) report.
Dr Ismail Adewusi, the Postmaster-General, NIPOST urged the market leaders and traders to give all required cooperation to Tradewyse Concept Ltd, the accredited stamp retailer for the market.
Adewusi, who was represented by Malam Abubakar Usman, the General Manager, Stamp Denotation, NIPOST, said that the Financial Act 2020 made it compulsory for all receipts and documents to be stamped.
NIPOST introduced an accredited retailer, Tradewyse Concepts Ltd. as NIPOST’s registered stamp retailer for the purpose of selling stamps to organised private sector.
Adewusi said, “Receipts or documents issued to customers without the NIPOST stamp denotation will not be tenable in the court of law. There is a need for stamp denotation for the receipts or any other documents to be validated.”
He said that all NIPOST retailers were registered with the mandate to make returns quarterly, urging market leaders and shop owners to support the Federal Government as part of their civic responsibility.
According to him, there is the need for all receipts and documents issued for goods and commodity above N1,000 to carry the stamp denotation to authenticate and validate such documents.
Speaking in the same vein, Mr Bernard Ekawon, NIPOST’s Legal Adviser and Chairman Stamp Denotation Committee said that the Stamp Duty Act 2004, amended in Finance Act 2020, stipulated that to denote duty or fee, the stamp produced by NIPOST must be used.
Ekawon said that NIPOST was working hard to ensure that people comply with the stamping protocol.
NIPOST, according to him, is the sole authority that produces all authentic stamp as a national symbol.
“People need to validate documents. Many a time, lawyers write to us to give an answer to certain questions when they come to court,” he said.
In his remark, Mr Vincent Chukwumezie, the Chairman, Alaba International Market, advised the government to allow the traders benefit from the proceeds.
(with NAN report)