…Landlords and agents to remit to FIRS
Your house rent is about to go up as Nigeria government, through the Federal Inland Revenue Service (FIRS) has issued a directive to landlords and house agents in the country to commence the collection of 6 per cent Stamp Duty from their tenants.
This was disclosed in a statement by the Director, Communications, and Liason Department of the agency, Abdullahi Ahmad.
“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 the percentage of the total value or sum of the tenancy or lease,” the statement said.
The statement asked the landlords and property agents to ensure payment of the said charges or face sanctions according to the Stamp Duty Act.
The statement, however, clarified 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.