Landlords and property agents have been asked to charge six percent Stamp Duty on all tenancy and lease agreements by the Federal Inland Revenue Service (FIRS).

Landlords and property agents were given the directive by the tax agency's Director, Communications and Liaison Department Abdullahi Ahmad on Wednesday July 22.

They are expected to remit such collections to FIRS “so that they do not run foul of the Stamp Duty Act.”
Ahmad said;
“Property-related transactions like tenancy or lease agreement fall under the Ad Valorem category of the stamp duty which attracts six per cent duty payable in percentage of the total value or sum of the tenancy or lease.

"The burden of payment of the six per cent lies on the beneficiary of the tenancy or lease agreement, whom the Stamp Duty Act identified as the tenant or renter.

“The responsibility of collection and remittance fall on the landlord or agent in charge of the property for lease or rent. The party making the payment shall have the obligation to account for the applicable stamp duties.”

Other Stamp Duty types and their rates include Appraisement or Valuation of Property , 5 per cent; Certificate of Occupancy and Partnership, N1,000 flat rate; Gift of Land, 1.5 per cent and Legal Mortgage, 0.375 per cent, Legal Mortgage (Upstamping), 0.375 per cent; Deed of Conveyance or Transfer on Sale of Property, 1.5 per cent; Memorandum of Understanding (Related to Land, Sales, Joint Venture, Surrender, Subdivision Agreements, 1.5 per cent; Power of Attorney (Irrevocable/Land Related), 1.5 per cent and Sales Agreement, 1.5 per cent.

The Stamp Duties payment is backed by the Stamp Duties Act (SDA) 1939 as amended by numerous Acts and various resolutions contained in the Laws of the Federation of Nigeria. The SDA also provides a list of documents in its schedule and the duty payable on each.

Milking the masses dry in
furtherance of penchant self-
aggrandizement.

Jeez!!!

We will soon be charge of breathing sef



Useless people

Chaii

We are heavily taxed yet the country is nothing to write home 'bout.

Where's your source?

People like Labour won't do anything about this careless taxing that has taken away 30% salary for civil servants and also crumbling business owners.

every single thing, they want a cut.
the only thing that remain is for them to tax us for using sunlight

BornMarch15:
Where's your source?

I Wonder o!!!!

With this comment, you deserve God's blessings!!!

soundlala:
Landlords and property agents have been asked to charge six percent Stamp Duty on all tenancy and lease agreements by the Federal Inland Revenue Service (FIRS).

Landlords and property agents were given the directive by the tax agency's Director, Communications and Liaison Department Abdullahi Ahmad on Wednesday July 22.

They are expected to remit such collections to FIRS “so that they do not run foul of the Stamp Duty Act.”
Ahmad said;
“Property-related transactions like tenancy or lease agreement fall under the Ad Valorem category of the stamp duty which attracts six per cent duty payable in percentage of the total value or sum of the tenancy or lease.

"The burden of payment of the six per cent lies on the beneficiary of the tenancy or lease agreement, whom the Stamp Duty Act identified as the tenant or renter.

“The responsibility of collection and remittance fall on the landlord or agent in charge of the property for lease or rent. The party making the payment shall have the obligation to account for the applicable stamp duties.”

Other Stamp Duty types and their rates include Appraisement or Valuation of Property , 5 per cent; Certificate of Occupancy and Partnership, N1,000 flat rate; Gift of Land, 1.5 per cent and Legal Mortgage, 0.375 per cent, Legal Mortgage (Upstamping), 0.375 per cent; Deed of Conveyance or Transfer on Sale of Property, 1.5 per cent; Memorandum of Understanding (Related to Land, Sales, Joint Venture, Surrender, Subdivision Agreements, 1.5 per cent; Power of Attorney (Irrevocable/Land Related), 1.5 per cent and Sales Agreement, 1.5 per cent.

The Stamp Duties payment is backed by the Stamp Duties Act (SDA) 1939 as amended by numerous Acts and various resolutions contained in the Laws of the Federation of Nigeria. The SDA also provides a list of documents in its schedule and the duty payable on each.

Nigerian no go protest for this any thing this government gives you una go swallow it and say thank sir una mumu too much

Op, where is your source?

We don suffer for this country.

God is still on the throne. Good will surely prevail over this evil regime

This government has a debt of 27 trillion to pay as a result of excessive borrowing. Now tell me, where do you think they're going to get the money to pay back? From you of course.
Your unborn children will continue from where you stopped.

Well let me me see how broke zombies will escape this ...that said God punish anyone who still supports Buhari

Which way Nigeria?

Buhari is really testing the patience of the enduring masses.

I dare him t go ahead and see if he wont' be consumed by the crisis that will follow.

Oloriburuku Presidiot.

By the time this clueless and useless government is done with us, we go talk true by force

The govt is quick to point out the various Acts on the People's responsibility towards Govt whereas their (Govt)simple responsibility of protecting lives and properties has been left in the hand of the populace. What has govt done for Nigerians to demand any form of Tax from them?

Jesus is Lord

"Ambush In The Day"