Guest Join UsHey Guest,
Welcome, Join our awesome community where you can discuss on various topics :-
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Much More.. or Create an Account


{myadvertisements[zone_1]}
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents
#1
Quote:The Federal Inland Revenue Service (FIRS) has directed landlords and property agents to charge six percent Stamp Duty on all tenancy and lease agreements.

The landlords/ property agents are to remit such collections to FIRS “so that they do not run foul of the Stamp Duty Act.”

The tax agency gave the directive through a statement on Wednesday by Director, Communications and Liaison Department Abdullahi Ahmad.

He 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,” Ahmad explained in the statement.

According to him, 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.”

He added that “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.”

Some other Stamp Duty types and their rates, according to the statement , are; 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.

Others are 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.

Stamp Duties payment is enabled 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.

The Finance Act 2019 states that: “the Federal Inland Revenue Service shall be the only competent authority to impose, charge and collect duties upon instruments specified in the Schedule to this Act if such instrument relates to matters executed between a company and an individual, group or body of individuals.”

The total Stamp Duty collection for 2019 was N18 billion.


https://thenationonlineng.net/tenants-now-to-pay-six-per-cent-stamp-duty-says-firs/

[Image: 11983104_firs2_jpeg5ebf7c92322c303732a968d7dccfbbf3]
Reply
{myadvertisements[zone_3]}


Possibly Related Threads...
Thread Author Replies Views Last Post
  Ban Tomato Importation - Dangote Tomato MD Tells FG Edoman 0 70 10-23-2020, 04:15 PM
Last Post: Edoman
  Senate To Bar FIRS, Customs, NBC, 57 Others From Getting Federal Allocations Edoman 0 171 08-30-2020, 02:58 PM
Last Post: Edoman
  Pantami Writes Buhari, Seeks End To Stamp Duty Crisis Edoman 0 165 08-22-2020, 09:44 PM
Last Post: Edoman
  NNPC, FIRS, Customs target N43.5trn revenue in 3 years Edoman 0 176 08-21-2020, 05:52 PM
Last Post: Edoman
  FIRS Generates N66bn From Stamp Duties In 5 Months Edoman 0 227 07-01-2020, 02:38 PM
Last Post: Edoman
  Access Bank To Refund Stamp Duty Deductions Edoman 3 346 06-30-2020, 09:26 AM
Last Post: Edoman
  Flight resumption: Airlines can not break even on 40% load factor, Olowo tells FG Edoman 0 202 06-02-2020, 05:58 PM
Last Post: Edoman
  Nigerians To Pay Stamp Duty On ATM Printouts, Some Whatsapp Messages - FIRS Edoman 0 234 05-29-2020, 03:52 PM
Last Post: Edoman



Users browsing this thread: 1 Guest(s)

{myadvertisements[zone_2]}

About contripeople

Contripeople forum description.

              Quick Links

              User Links

              Advertise