• About
  • Privacy & Policy
  • Terms
  • Contact
Breaking News Nigeria, Latest Nigerian News
ADVERTISEMENT
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    Ohanaeze

    Igbo Presidency in 2023 will end Biafra agitation – Ohanaeze

    Unity Bank

    Unity Bank’s asset grows by 67.9% to N492.02B

    NCDC

    COVID-19: Nigeria records 70 new cases

    UBA

    UBA records N38.16B profit in Q1 2021. See key highlights

    cbn

    CBN places Sugar, Wheat on FX restriction list

    Obaseki

    N60B CASH PRINTING: Stop burying your heads in the sand, Obaseki fires back

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Mobile
    • Startup
    SIM registration

    Nigeria lifts ban on new SIM registration

    Twitter

    3 reasons why Twitter sidelined Nigeria to locate Africa office in Ghana

    Appzone

    Nigerian fintech, Appzone raises $10 million Series A

    Cryptocurrency

    Visa set to start accepting cryptocurrency

    nigerian tech

    Is the Nigerian tech ecosystem on a brink of Dutch Disease?

    Elon Musk

    It’s official, Tesla is accepting payment in Bitcoin

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Ryan Mason

    MOURINHO: Tottenham appoints Ryan Mason as new interim manager

    UEFA

    UEFA unveils new rules amid rising opposition to new super league

    BREAKING! Tottenham fire Jose Mourinho

    BREAKING! Tottenham fire Jose Mourinho

    Adekunle Gold

    Did Adekunle Gold actually cheat on his wife Simi?

    #eaglewingsmovie

    #EagleWingsMovie: Nigeria’s first true action film pitches duty against love in Boko Haram fight

    22-year-old Nigerian officially becomes the fastest man in the world

    22-year-old Nigerian officially becomes the fastest man in the world

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    omojuwa

    Omojuwa’s weekend is off to a bad start, here is why

    Weekend

    #TGIF! 5 exciting ways to make the most of your weekend

    University of Ibadan

    FG approves N190.5 million for University of Ibadan to purchase microscope to aid research

    HEATWAVE: 5 tips to stay stylish and cool in this hot weather

    HEATWAVE: 5 tips to stay stylish and cool in this hot weather

    who cheats more

    #VALENTINE SPECIAL: Men or women? Who cheats more? Result of this new study will shock you

    valentine's day

    5 ways to make Valentine’s Day memorable while observing social distancing

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • SMARTKOBO
    untitled lands in nigeria

    How to acquire untitled lands in Nigeria without getting into trouble with the government

    real estate investment

    A wrong real estate investment can wipe out your whole life savings. This is how to do it safely

    returned item fee

    #SmartKobo: What is a returned item fee and why was I penalised?

    investment strategies

    #SmartKobo: 6 winning investment strategies to stay ahead in 2021

    pay schedule

    #SmartKobo: Weekly, monthly & more: How your pay schedule affects you

    cash-out refinance

    #SmartKobo: How to know if it’s time for cash-out-refinance

  • #EndBadGovernance Photo Challenge
No Result
View All Result
Breaking News Nigeria, Latest Nigerian News
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    Ohanaeze

    Igbo Presidency in 2023 will end Biafra agitation – Ohanaeze

    Unity Bank

    Unity Bank’s asset grows by 67.9% to N492.02B

    NCDC

    COVID-19: Nigeria records 70 new cases

    UBA

    UBA records N38.16B profit in Q1 2021. See key highlights

    cbn

    CBN places Sugar, Wheat on FX restriction list

    Obaseki

    N60B CASH PRINTING: Stop burying your heads in the sand, Obaseki fires back

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Mobile
    • Startup
    SIM registration

    Nigeria lifts ban on new SIM registration

    Twitter

    3 reasons why Twitter sidelined Nigeria to locate Africa office in Ghana

    Appzone

    Nigerian fintech, Appzone raises $10 million Series A

    Cryptocurrency

    Visa set to start accepting cryptocurrency

    nigerian tech

    Is the Nigerian tech ecosystem on a brink of Dutch Disease?

    Elon Musk

    It’s official, Tesla is accepting payment in Bitcoin

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Ryan Mason

    MOURINHO: Tottenham appoints Ryan Mason as new interim manager

    UEFA

    UEFA unveils new rules amid rising opposition to new super league

    BREAKING! Tottenham fire Jose Mourinho

    BREAKING! Tottenham fire Jose Mourinho

    Adekunle Gold

    Did Adekunle Gold actually cheat on his wife Simi?

    #eaglewingsmovie

    #EagleWingsMovie: Nigeria’s first true action film pitches duty against love in Boko Haram fight

    22-year-old Nigerian officially becomes the fastest man in the world

    22-year-old Nigerian officially becomes the fastest man in the world

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    omojuwa

    Omojuwa’s weekend is off to a bad start, here is why

    Weekend

    #TGIF! 5 exciting ways to make the most of your weekend

    University of Ibadan

    FG approves N190.5 million for University of Ibadan to purchase microscope to aid research

    HEATWAVE: 5 tips to stay stylish and cool in this hot weather

    HEATWAVE: 5 tips to stay stylish and cool in this hot weather

    who cheats more

    #VALENTINE SPECIAL: Men or women? Who cheats more? Result of this new study will shock you

    valentine's day

    5 ways to make Valentine’s Day memorable while observing social distancing

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • SMARTKOBO
    untitled lands in nigeria

    How to acquire untitled lands in Nigeria without getting into trouble with the government

    real estate investment

    A wrong real estate investment can wipe out your whole life savings. This is how to do it safely

    returned item fee

    #SmartKobo: What is a returned item fee and why was I penalised?

    investment strategies

    #SmartKobo: 6 winning investment strategies to stay ahead in 2021

    pay schedule

    #SmartKobo: Weekly, monthly & more: How your pay schedule affects you

    cash-out refinance

    #SmartKobo: How to know if it’s time for cash-out-refinance

  • #EndBadGovernance Photo Challenge
No Result
View All Result
No Result
View All Result
Breaking News Nigeria, Latest Nigerian News
Home Breaking News

6% Stamp Duty On Rent: Read this before giving your hard-earned money to your landlord

Biodun Busari by Biodun Busari
July 27, 2020
in Breaking News, Business
0
A A
0
stamp duty
Share on FacebookShare on Twitter

…Individual tenants pay to state tax authorities while tenants operating as companies pay to federal government, Taiwo Oyedele clarifies

Last week, the Federal Inland Revenue Service, FIRS issued a directive directing all landlords and agents to start collecting 6 per stamp duty on rents.

This prompted some tax expert to clear the air on the new directive.

One of them, a Fiscal Policy Partner and West Africa Tax Leader at PwC, Taiwo Ayodele clarified that tenants are indeed to pay stamp duty on their tenancy but the rate is 0.78 per cent, and not 6 per cent directed by the Federal Inland Revenue Services.

Oyedele explained that the stamp duty law stipulates that any tenancy or lease agreements in the country that is less than 7 years, should be 0.78 per cent.

“If the lease term is less than 7 years, stamp duty rate is 0.78% (e.g. N780 on N100k rent). For a term of 7+ to 21 years, stamp duty rate is 3% (means N3k for N100k rent). For a term above 21 years, stamp duty rate is 6% (e.g. N6k for N100k rent)

“Given that most people enter into rent agreements for less than 7 years, the applicable stamp duty rate to most people will be 0.78%,” Oyedele said a tweet on Friday.

Summary of Stamp Duty Rates on Tenancy

Read also: FIRS directs landlords, agents to collect 6% stamp duty on house rents

Oyedele went further to clarified that stamp duty from tenants operating as individuals should be paid to the state government, while the facility owned by companies either from the tenants or landlords are payable to the federal government citing cases of Lagos Inland Revenue Service (LIRS) and FIRS for Lagos residents.

#Tax101 – Stamp duty on most rent agreements is at the rate of 0.78%, not 6% as being widely circulated. Based on the Stamp Duties Act, stamp duty on lease or rent agreement is payable as follows:

Thread

— Taiwo Oyedele (@taiwoyedele) July 24, 2020

“If you an individual renting from another individual, your stamp duty is payable to the state tax authority such as LIRS, if you are resident in Lagos. If either the tenant or the landlord is a company, then the duty is payable to FIRS,” Oyedele said.

He also reveals that stamp duty is the responsibility of the tenant to pay, while the landlord serves as an agent on behalf of the government for collection and remittance.

Tags: Stamp DutyTaiwo OyedeleTax and policy expert

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Previous Post

Top 5 Nollywood actresses who graced our screens

Next Post

BREAKING: Former Reps Speaker, Dogara dumps PDP for APC

Next Post
BREAKING: Former Reps Speaker, Dogara dumps PDP for APC

BREAKING: Former Reps Speaker, Dogara dumps PDP for APC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 2.4k Followers
  • 5 Followers
  • Trending
  • Comments
  • Latest
Youth

Why you cannot get more than N300,000 in FG’s youth investment loan scheme

April 20, 2021
Okorocha

OKOROCHA: See list of 33 stolen items allegedly found with ex-Governor

April 20, 2021
Buhari

How Niger’s president Mohamed Bazoum’s visit to President Muhammadu Buhari went down in Abuja

April 19, 2021
Unity Bank

Unity Bank’s asset grows by 67.9% to N492.02B

April 20, 2021
Ohanaeze

Igbo Presidency in 2023 will end Biafra agitation – Ohanaeze

April 20, 2021
Chad

BREAKING! Chad President Idriss Deby is dead

April 20, 2021
IPOB

The UK disrespects Nigeria by granting asylum to IPOB members – Lai Mohammed

April 20, 2021
Lagos state

Lagos holds LG election July

April 20, 2021
Ryan Mason

MOURINHO: Tottenham appoints Ryan Mason as new interim manager

April 20, 2021
Chad

BREAKING! Chad President Idriss Deby is dead

April 20, 2021
Ohanaeze

Igbo Presidency in 2023 will end Biafra agitation – Ohanaeze

April 20, 2021
Youth

Why you cannot get more than N300,000 in FG’s youth investment loan scheme

April 20, 2021

Recent News

IPOB

The UK disrespects Nigeria by granting asylum to IPOB members – Lai Mohammed

April 20, 2021
Lagos state

Lagos holds LG election July

April 20, 2021
Ryan Mason

MOURINHO: Tottenham appoints Ryan Mason as new interim manager

April 20, 2021
Chad

BREAKING! Chad President Idriss Deby is dead

April 20, 2021
Breaking News Nigeria, Latest Nigerian News

Follow Us

Subscribe to our newsletter

Please wait...
Want to be notified when our article is published? Enter your email address below to be the first to know.

Browse by Category

  • Apps
  • Athletics
  • Basketball
  • Breaking News
  • Business
  • Business Editor's Pick
  • Business Featured Section
  • EndBadGovernance Photo Challenge
  • Entertainment
  • Fashion
  • Featured
  • Food
  • Football
  • Gaming
  • General
  • Health
  • Lifestyle
  • Mobile
  • Motor Sports
  • Movie
  • Music
  • News
  • Politics
  • Politics Featured Section
  • Review
  • Science
  • SmartKobo
  • Sports
  • Startup
  • Tech
  • Technology
  • Technology Featured Section
  • Uncategorized
  • World

Recent News

IPOB

The UK disrespects Nigeria by granting asylum to IPOB members – Lai Mohammed

April 20, 2021
Lagos state

Lagos holds LG election July

April 20, 2021
Ryan Mason

MOURINHO: Tottenham appoints Ryan Mason as new interim manager

April 20, 2021
Chad

BREAKING! Chad President Idriss Deby is dead

April 20, 2021
  • About
  • Privacy & Policy
  • Terms
  • Contact

© Copyright Nigeria Today 2020

No Result
View All Result
  • Home
  • News
  • Tech
  • Entertainment
  • Lifestyle
  • SMARTKOBO
  • #EndBadGovernance Photo Challenge

© Copyright Nigeria Today 2020

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please wait...

Subscribe to our Nigeria Today News

Want to be notified when our article is published? Enter your email address below to be the first to know.
SUBSCRIBE