{"id":760,"date":"2021-03-16T22:40:47","date_gmt":"2021-03-16T22:40:47","guid":{"rendered":"https:\/\/hslmrealestateng.com\/?p=760"},"modified":"2021-03-16T22:41:21","modified_gmt":"2021-03-16T22:41:21","slug":"6-stamp-duty-to-be-remitted-to-firs-by-property-owners-agents","status":"publish","type":"post","link":"https:\/\/hslmrealestateng.com\/?p=760","title":{"rendered":"6% Stamp Duty to Be Remitted To FIRS by Property Owners, & Agents"},"content":{"rendered":"

The Federal Inland Revenue Service (FIRS) has ordered all property owners and their agents to charge 6% Stamp Duty on all tenancy and lease agreements they enter into with all leases and remit promptly to the Service. This was disclosed by the Director, Communications and Liason Department, FIRS, Mr Abdullahi Ahmad, in Abuja on Wednesday, according to News Agency of Nigeria.<\/p>\n

Ahmad explained that the directive was given so that they would not run foul of the Stamp Duty Act.<\/p>\n

According to FIRS, the burden of payment of the six per cent lies on the beneficiary of the tenancy or lease agreement, whom the\u00a0Stamp Duty Act\u00a0identified as the tenant or renter.<\/p>\n

How it works<\/strong>: The responsibility of collection and remittance fall on the landlord or agent in charge of the property for lease or rent.<\/p>\n

He said,\u00a0\u201cIn any case, the party making the payment shall have the obligation to account for the applicable stamp duties.<\/em><\/p>\n

\u201cSome other Stamp Duty types and their rates are Appraisement or Valuation of Property, 1.5 per cent; Certificate of Occupancy, Partnership N1,000 flat rate; Gift of Land, 1.5 per cent Legal Mortgage, 0.375 per cent, Legal Mortgage (Upstamping) and 0.375 per cent.\u201d<\/em><\/p><\/blockquote>\n

Others are deed of Conveyance or Transfer on Sale of Property, 1.5 per cent: Gift of Land, 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.<\/p>\n

As Seen On\u00a0Nairametrics<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Inland Revenue Service (FIRS) has ordered all property owners and their agents to charge 6% Stamp Duty on all tenancy and lease agreements they enter into with all…Continue reading6% Stamp Duty to Be Remitted To FIRS by Property Owners, & Agents<\/span><\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_146799684115191_111000737761613":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"\n6% Stamp Duty to Be 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