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Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents - Properties - Nairaland

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FIRS' 6% Stamp Duty Charge On Agreement. How It Affects You As Landlord/tenant / Muhammad Nami: FIRS Plans Stamp Duty Palliatives For Tenants / Fashola Tells Landlords To Collect Rents In Arrears (2) (3) (4)

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Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by Nobody: 10:43am On Jul 23
The Federal Inland Revenue Service (FIRS) has directed landlords and property agents to charge six percent Stamp Duty on all tenancy and lease agreements.

The landlords/ property agents are to remit such collections to FIRS “so that they do not run foul of the Stamp Duty Act.”

The tax agency gave the directive through a statement on Wednesday by Director, Communications and Liaison Department Abdullahi Ahmad.

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,” Ahmad explained in the statement.

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.

https://thenationonlineng.net/tenants-now-to-pay-six-per-cent-stamp-duty-says-firs/

1 Like

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by Nobody: 10:44am On Jul 23
People should brace up. We are in for a hard time in this country. embarassed

182 Likes 3 Shares

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by DelTel(m): 10:47am On Jul 23
Citizens income dwindling and majority owing rent or FIRS not aware.

270 Likes 14 Shares

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by ojun50(m): 11:01am On Jul 23
It's well in the name of Jesus

93 Likes 11 Shares

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by igboamakaaa: 11:08am On Jul 23
I ask pro Nigeria agitators these questions all the time,

"Do you think your country cares for you?"
"What do you currently benefit from your country?"
"Can you die for your country?"

The Nigerian government makes it extremely hard for citizens to live above poverty level. Always trying at all cost to squeeze the last drop of money from its citizens (that it offers little or no helping hand). When other nations are looking for ways to help cushion the drastic effect of the Covid 19 aftermath, your beloved country is making things harder for the people trying at all costs to survive. Of course, this would lead to an increment in house rents.

As Chinua Achebe would say, "There was a country".

You built a house on your own without govt. loans or assistance. (after settling omo nile plus corrupt govt. Officials for a land you legally bought), you decided to rent it out at a meaningful rate but the govt. Still wants to make huge profit from your own rent again.

Truly, Nigerians and their buisnesses thrive to survive not because of their government but "in spite" of their government. Imagine a country where the dream and vision of a majority of its youths is to get a visa and move out permanently sometimes even to poorer nations.

Clearly, this union isn't working, It is a civic duty for us all to clamour for the dissolution of this contraption, so we can all manage our resources to the best of our abilities as different tribal groups.

335 Likes 37 Shares

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by jtjohn(m): 11:08am On Jul 23
Even in the midst of covid19, when people find it difficult to feed.... Visionless Leaders

143 Likes 9 Shares

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by Viscy(m): 11:08am On Jul 23
Some countries are advicing landlords to reduce or even forgo some months house rent in order to reduce the effect of Corvid 19 epidemic on the masses.

But the government in this part of the world keeps burdening and taxing her citizen on all fronts.

This 'next level' no be here o.

111 Likes 6 Shares

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by Cumtroller: 11:08am On Jul 23
God Punish Buhari..

Landlords should focus on collecting rents instead of this bullshit. Are they tax collectors?

If my landlord brings this up I will just delay rent till his brain resets. My neighbor is kuku owing 3 years rent sef

Once again, God Punish Buhari

317 Likes 24 Shares

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by gbadexy(m): 11:08am On Jul 23
The worst government to ever rule the country.

156 Likes 6 Shares

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by Arexit: 11:08am On Jul 23
these bunch of criminals want us to give them more money to steal so they can come and act faintin at the national assembly? nonsense people!

not for the pain, would have cut off the thumb i voted buhari 2015

163 Likes 9 Shares

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by xynerise: 11:08am On Jul 23
These people don't have conscience for the poor masses

47 Likes 1 Share

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by jasmine1600: 11:08am On Jul 23
Oil money never do them.
Sai baba zombies, hope una d see the calamity he has brought?

22 Likes 2 Shares

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by frankmoney(m): 11:09am On Jul 23
Lol and how will they enforce this one

3 Likes

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by Money05: 11:09am On Jul 23
Lord lugard see wetin u cause way u join three countries together

61 Likes 1 Share

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by ikorodureporta: 11:09am On Jul 23
rent increased by 10%+
Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by 2cribz: 11:09am On Jul 23
Nigeria is doomed

12 Likes 1 Share

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by YourNextLevel(m): 11:09am On Jul 23
Useless government. Just to suffer the masses is all they care

Yam eaters hmmm...

Spit*****

6 Likes 1 Share

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by Ipromote: 11:09am On Jul 23
At the end it'll be embezzled. We need to fight o in this country if not things will continue like this

43 Likes 1 Share

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by Nobody: 11:09am On Jul 23
damn nigaaarrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr

2 Likes

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by sotall(m): 11:09am On Jul 23
Fools

1 Like

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by DICKstractor(m): 11:09am On Jul 23
I'm not against payment of tax because even saner clime pay more but will this revenue generated be chanelled to the right place?. Or will it be hijacked by another greedy modafoka?
.
We all know the answer to this. So I'm in conclusion that 'there are no saner clime anywhere , just saner people.
.
Until Nigerians wake up, this rubbish will keep on going on

11 Likes 1 Share

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by Odunolumide(m): 11:09am On Jul 23
Baba Afusa no sabi anything about this yet make I quickly go pay for my face me I slap you rent wey I dey owe since last year before one idiot go tell am.

37 Likes 2 Shares

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by tamdun: 11:09am On Jul 23
This is madness and am loving it, when they push us to the wall, we'll fight back

13 Likes 1 Share

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by Chukwutobi: 11:09am On Jul 23
We’re beginning to pay for Buhari’s debt

46 Likes

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by backnbeta(f): 11:09am On Jul 23
Rent will increase, electricity tariff will increase, passengers will pay more for transportation. They Sha want to kill the poor undecided

One thing is clear: The Founding Fathers never intended a nation where citizens would pay nearly half of everything they earn to the government.
Ron Paul

8 Likes 1 Share

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by virus05(m): 11:09am On Jul 23
Which kind country be this sef. Those of you that voted Buhari, what have you done to us

20 Likes 1 Share

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by Ernerstdavid55(m): 11:09am On Jul 23
;Dhow much come be the land
Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by Wolgrace(m): 11:09am On Jul 23
Paying not the major issue, but how come they easily find their way and end up in the milkers' pockets..? Because milkers' interest are to order the puppets to create new straws for milking the helpless masses the more.

They should be charged for, covicted of, and excecuted for national turbulence, rape, abuse, molestation, and murder too.. They are killing the economy, masses, education, security, healthcare, et al

3 Likes 1 Share

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by dawnomike(m): 11:09am On Jul 23
This is absurd... undecided
'THERE WAS A COUNTRY"

13 Likes

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by techmo(m): 11:09am On Jul 23
cool

Lol


Na FIRS help anybody build house?

We pay tax on cement, and other building materials you still want to drag rent with landlord

.

17 Likes 1 Share

Re: Tenants To Pay 6% Stamp Duty - FIRS Tells Landlords & Property Agents by Alwaysachick: 11:09am On Jul 23
Paying tax is not the issue. The issue is, what do the masses get in return? Will this money be accounted for?

You pay govt tax on rent and you step out to bad roads No water??

51 Likes 4 Shares

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