Federal Inland Revenue Service (FIRS) has asked landlords and property agents to charge six per cent stamp duty on all tenancy and lease agreements with all renters for onward remittance to the service.
In a statement on Wednesday, FIRS said 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 and the responsibility of collection and remittance fall on the landlord or agent in charge of the property for lease or rent.
“In any case, the party making the payment shall have the obligation to account for the applicable stamp duties.”
Some other Stamp Duty types and their rates are Appraisement or Valuation of Property, 1.5%; Certificate of Occupancy, Partnership N1,000 flat rate; Gift of Land, 1.5%; Legal Mortgage, 0.375%; Legal Mortgage (Upstamping), 0.375%; Deed of Conveyance or Transfer on Sale of Property, 1.5%; Gift of Land, 1.5%; Memorandum of Understanding (Related to Land, Sales, Joint Venture, Surrender, Subdivision Agreements, 1.5%; Power of Attorney (Irrevocable/Land Related), 1.5%; and Sales Agreement, 1.5%. Tribune