The Federal Inland Income Service (FIRS) has ordered all property homeowners and their brokers to cost 6% Stamp Responsibility on all tenancy and lease agreements they enter into with all leasees and remit promptly to the Service.
This was disclosed by the Director, Communications and Liason Division, FIRS, Mr Abdullahi Ahmad, in Abuja on Wednesday, based on Information Company of Nigeria.
Ahmad defined that the directive was given in order that they’d not run foul of the Stamp Responsibility Act.
Based on FIRS, the burden of cost of the six per cent lies on the beneficiary of the tenancy or lease settlement, whom the Stamp Responsibility Act recognized because the tenant or renter.
The way it works: The accountability of assortment and remittance fall on the owner or agent in command of the property for lease or hire.
He stated, “In any case, the social gathering making the cost shall have the duty to account for the relevant stamp duties.
“Another Stamp Responsibility varieties and their charges are Appraisement or Valuation of Property, 1.5 per cent; Certificates of Occupancy, Partnership N1,000 flat price; Reward of Land, 1.5 per cent Authorized Mortgage, 0.375 per cent, Authorized Mortgage (Upstamping) and 0.375 per cent.”
Others are deed of Conveyance or Switch on Sale of Property, 1.5 per cent: Reward of Land, 1.5 per cent Memorandum of Understanding (Associated to Land, Gross sales, Joint Enterprise, Give up, Subdivision Agreements, 1.5 per cent, Energy of Lawyer (Irrevocable/Land Associated), 1.5 per cent and Gross sales Settlement, 1.5 per cent.
As Seen On Nairametrics