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Tenants will pay 6 percent stamp duty – FIRS

Tenants will pay 6 percent stamp duty - FIRS

Tenants in Nigeria will pay 6 percent stamp duty to Federal Inland Revenue Service (FIRS)

Landlords and real estate experts have been directed by the Federal Inland Revenue Service ( FIRS) to charge six percent Stamp Duty on both rents and lease agreements.

The Director, Communications and Liaison Department, Abdullahi Ahmad of the tax agency gave them the directive on Wednesday 22 July. They are to remit these collections to FIRS “so that the Stamp Duty Act does not run foul.”

He said;

“Property-related payments such as tenancy or lease agreements fall under the stamp duty Ad Valorem category which attracts six per cent duty payable in percentage of the total value or amount of the tenancy or lease.

“The six per cent payment burden lies on the rental or lease contract beneficiary, which the Stamp Duty Act described as the tenant or renter.

“The collection and remittance duty lies with the landlord or the agent in charge of the property for lease or rent. The party making the payment is obliged to account for the stamp duties applicable.

Other Stamp Duty types and their rates include:-

The payment of the Stamp Duties is backed by the 1939 Stamp Duties Act (SDA), as amended by several acts and various resolutions found in the Nigerian Federation Rules. The SDA also provides a list of documents in its schedule as well as the duties owed to each.

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