Landlords and property agents have all been directed directed by the Federal Inland Revenue Sevices (FIRS) to charge six percent Stamp Duty on all tenancy and lease agreements.
Collections to FIRS are to be remitted by the landlords and property agents, so that they do not run foul of the Stamp Duty Act.
Abdullahi Ahmad claimed that the directive issued through a statement by the Director, Communications and Liaison Department of the agency.
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''.
Mr. Ahmaed added that 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.
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