Following the introduction of stamp duty on house rent agreements and Certificate of Occupancy (C of O), landlords and property agents have been asked by the Federal Inland Revenue Service (FIRS) to charge a 6% stamp duty on all tenancy and lease agreements with all renters. The service in a statement on Wednesday, July 22, explained that the payment of the stamp duty will be done by the beneficiary of the tenancy or lease agreement.
FIRS insists Nigerians pay stamp duty on house rent agreements.
“In any case, the party making the payment shall have the obligation to account for the applicable stamp duties,” the statement reads in parts.
Recall that Nigerians are now required to pay stamp duty on house rent agreements and Certificate of Occupancy (C of O) in line with a new directive of FIRS.
Abdullahi Ahmad, a spokesperson for the FIRS made the disclosure in a statement in Abuja on Thursday, July 2. He advised Nigerians to ensure that documents pertaining to rent or lease agreements for their homes or offices are subjected to authentication with the new FIRS adhesive stamp duty. Ahmad also said other common business-related transaction instruments should also be subjected to stamp duty.
