FIRS Orders Landlords, Agents to Collect 6% Stamp Duty Payment from Tenants
The Federal Inland Revenue Service (FIRS) Wednesday said tenants are now required to pay 6 per cent Stamp Duty on all tenancy and lease agreements.
The tax agency said the tax is to be collected by landlords or property agents from their tenants.
In a statement, Director, Communication, FIRS, Abdullahi Ismaila Ahmad, explained that while the payment was the responsibility of the tenant, it was left for the landlord or the agent to remit what has been collected.
The latest development followed earlier statement from the Executive Chairman of FIRS, Mr. Muhammad Nami who said the transactions related to property or lease agreement come under the Ad Valorem category of the stamp duty which attracts 6 per cent duty.
According to the agency, stamp duty and rates depend on the value of the property.
The tax agency said the tax is to be collected by landlords or property agents from their tenants.
In a statement, Director, Communication, FIRS, Abdullahi Ismaila Ahmad, explained that while the payment was the responsibility of the tenant, it was left for the landlord or the agent to remit what has been collected.
The latest development followed earlier statement from the Executive Chairman of FIRS, Mr. Muhammad Nami who said the transactions related to property or lease agreement come under the Ad Valorem category of the stamp duty which attracts 6 per cent duty.
According to the agency, stamp duty and rates depend on the value of the property.
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