Monday, July 28, 2025
  • REPORT A STORY
  • PRIVACY POLICY
  • CONTACT
WITHIN NIGERIA
  • HOME
  • FEATURES
  • NEWS
  • ENTERTAINMENT
  • FACT CHECK
  • MORE
    • VIDEOS
    • GIST
    • PIECE (ARTICLES)
No Result
View All Result
WITHIN NIGERIA
  • HOME
  • FEATURES
  • NEWS
  • ENTERTAINMENT
  • FACT CHECK
  • MORE
    • VIDEOS
    • GIST
    • PIECE (ARTICLES)
No Result
View All Result
WITHIN NIGERIA
No Result
View All Result
  • HOME
  • FEATURES
  • NEWS
  • ENTERTAINMENT
  • FACT CHECK
  • MORE

FIRS to tenants: Pay 6 percent stamp duty to landlords and property managers

by Sodiq Lawal Chocomilo
July 23, 2020
in National
Reading Time: 2 mins read
A A
0
FIRS to tenants: Pay 6 percent stamp duty to landlords and property managers
Share on FacebookShare on Twitter

Landlords and property agents have been directed by the Federal Inland Revenue Service (FIRS) to charge six percent Stamp Duty on all tenancy and lease agreements.

WITHIN NIGERIA gathered that the landlords/ property agents will send the collections to FIRS so that they do not run foul of the Stamp Duty Act.”

This directive was contained in a statement released by the tax agency on Wednesday by the Director, Communications and Liaison Department Abdullahi Ahmad.

The statement read;

READ ALSO

TRIBUTE: Muhammadu Buhari, ex-Nigerian leader and the political king of North

Three Events Former President Buhari Will Be Remembered For As He Passes On

Tinubu’s ₦38 Trillion Loan Sparks Fear as Nigeria’s Debt May Rise to ₦182 Trillion

How the IPOB sit-at-home order killed over 700 people in four years

TRIBUTE: Peter Rufai: Nigerian Prince who jettisoned Royal trappings for football

“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.

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.

RELATED STORYPosts

National

TRIBUTE: Muhammadu Buhari, ex-Nigerian leader and the political king of North

by Sodiq Lawal Chocomilo
July 15, 2025
President Muhammadu Buhari
Analysis

Three Events Former President Buhari Will Be Remembered For As He Passes On

by Caleb Ijioma
July 14, 2025

Discussion about this post

JUST IN

Niger boat mishap leaves 13 dead

by Afolabi Hakim
20:03 Jul 27, 2025

The boat mishap happened around 11:45 am on Saturday morning while the…

WITHIN NIGERIA

WITHIN NIGERIA MEDIA LTD.

NEWS, MULTI MEDIA

WITHIN NIGERIA is an online news media that focuses on authoritative reports, investigations and major headlines that springs from National issues, Politics, Metro, Entertainment; and Articles.

Follow us on social media:

CORPORATE LINKS

  • About
  • Contacts
  • Report a story
  • Advertisement
  • Content Policy
  • Privacy Policy
  • Terms
 
  • Fact-Checking Policy
  • Ethics Policy
  • Corrections Policy
  • WHO IS WITHIN NIGERIA?
  • CONTACT US
  • PRIVACY
  • TERMS

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName

No Result
View All Result
  • HOME
  • FEATURES
  • NEWS
  • ENTERTAINMENT
  • FACT CHECK
  • MORE
    • VIDEOS
    • GIST
    • PIECE (ARTICLES)

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName