Finance

Traders urged to implement Finance Act 2020 on stamp duty

Traders have been urged to ensure the proper implementation of the Finance Act 2020 which stipulates that every receipt that is sold or issued from one thousand naira should be denoted with a fifty naira stamp which the customer should cancel and sign.

Managing Director/Chief Executive Officer of Tradewyse Concept Limited Hon Kenneth Ibe-Kalu stated this at a meeting with the Amalgamated Union of Alaba International Market in Lagos.

He said proper implementation of the Finance Act 2020 by the traders, will make every receipt or ticket valid and transaction genuine.

Ibe-Kalu noted that the meeting was a win-win approach because when laws are made by the government, there is a need for the people to be sensitised to them; saying that his organisation, being an accredited Stamp Retailer for NIPOST in Alaba International Market in Lagos and the Onitsha market in Anambra State, decided to do so.

He explained that Tradewyse Concepts, a Private Public Partnership organisation established in 2001, aims at culturing Public-Private Partnerships (PPP) with the government and designs projects and programmes. ‘Tradewyse will be launched very soon as the first discount service in Africa and Europe and has been approved by the Central Bank. We are partnering with the First Bank of Nigeria,’ he stated.

Ibe-Kalu, who appealed to the market leaders to help sensitise their members, stated that any trader who refuses to comply with the Finance Act 2020 by affixing stamps on receipts or transaction documents or customers who bought items and never insisted on their receipts to be stamped will be liable to prosecution in the court of law.

According to him, Tradewyse Concepts will be launched very soon as the first discount service provider in Africa and Europe.

‘The Alaba Market Unions are well structured with about 17 different Secretariats and various sections. So, we need to carry them along, that’s why we had a discussion with them on the need to make use of stamps on their sales receipts and documents,’ he said.

The Executive Chairman of the Electrical Dealers Association of Nigeria (EDAN), Chief Hycient Fabian, commended the Tradewyse Concepts team for the sensitisation visit.

He praised the team for their good work and them not relent in what they are doing.

Ibeh said that Tradewyse is very mindful of giving back to society by establishing a Restoration Trust Fund which will be instituted for Alaba international market.

‘That will be unveiled during our launching and we are making certain funding from each of the stamps that are being sold available to assist those who have a genuine and reasonable problem that needs to be re-empowered or empowered to succeed,’ he said.

He also said Tradewyse will make some funds available to support victims of natural disasters such as fire outbreaks. ‘We are doing that and, as soon as we start, it will continue to run. We are going to have some board of trustees and we have told them to appoint two persons among them to be part of the board, every quarter will give out to people who applied. We are also in charge of Uber. For every drop and pick in Uber, we are the stamp retailer that is working,’ he stated.

Ibe-Kalu explained that as a stamp retailer, they are retailing for the federal government on commission, and it is out of the commission they are investing into the system. ‘Our job is not about making profit alone, but we must think about the community where we are making the profit. We will as well, support the traders union on a monthly basis so that they can carry out their programmes. This is part of what the Tradewyse concept is doing.’

He informed that Tradewyse Concepts has various sectors it operates in, and not only focuses on traders. ‘Our company is in charge of Alaba International Market. We have other companies in charge of different markets. There are those in charge of schools, those in charge of banks, those in charge of supermarkets, etc. In the wisdom of NIPOST, they decided to bring in so many companies because it won’t be easy for one person to cover the whole country,’ he explained.

In his response, EDAN CEO Fabian commended the Tradewyse Concepts team for the sensitisation team.

He promised that leaders in Alaba International Market, Ojo Lagos will meet to fashion out a way forward on the implementation of the Finance Act 2020. ‘We commend your efforts at ensuring that things work well, especially in the area of collection of stamps duty. Leaders of the various sections of the market will meet to discuss the issues you tabled before us and subsequently get back to you,’ he said.

Fabian thanked the team for the good job they are doing and urged them not to relent.

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