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The Federal Inland Revenue Service has directed landlords and property agents to charge six per cent stamp duty on all tenancy and lease agreements.
The landlords and property agents, according to Ahmad are to remit such collections to FIRS “so that they do not run foul of the Stamp Duty Act.” 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.
He stated 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.
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