The Ogun State Internal Revenue Service (OGIRS) has clarified that deductions made on bank transactions as stamp duty do not amount to taxation.
Gatekeepers News reports that the Executive Chairman of OGIRS, Mr Olugbenga Olaleye, made the clarification while speaking on a Yoruba programme titled “AYEKOOTO.” He explained that stamp duty deductions are statutory charges paid into government coffers to fund critical public expenditures.
According to him, the funds support infrastructure development, education, healthcare delivery, security and other essential social services.
Olaleye, who was represented by the Director of Field Operations, Mrs Oluwaseun Olajube, noted that low-income earners stand to benefit the most from the ongoing tax reforms. He, however, urged the public to avoid spreading rumours and misinformation capable of eroding public trust.
OGIRS stated that creating adequate disposable income for citizens would boost productivity and drive rapid economic growth, while appealing to taxpayers to comply by paying only what they legitimately owe.
“If you like, operate 10 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,” Olaleye said.
He further assured taxpayers that loans, transfers, gifts and savings are not taxable under the new reforms, while appealing for patience and encouraging citizens to be truthful in declaring their income.
