THE Federal Inland Revenue Service (FIRS) is working on a stamp duty palliative package for tenants across the country to mitigate the impact of COVID-19.
THE Federal Inland Revenue Service is working on a stamp duty palliative package for tenants across the country to mitigate the impact of COVID-19.
He allayed the fear that stamp duty would lead to rent increase, saying: “stamp duty should not make any landlord to increase his or her rent because it is not paid by the landlord. Landlords are not our collecting agents. Over the weekend, Coordinating Director, Tax Operations Group, FIRS, Mr. Femi Oluwaniyi, stated that “the FIRS stamp duty on rent or lease only applies to new agreements and not to renewals. If a new agreement is drawn up at renewal, that document should be stamped, just like initial agreement. If, however, the renewal terms are already in the initial agreement such that no new document is prepared but just payment of the rent for renewal, then no stamping is required.
Nami stressed that stamp duty was neither a creation of the current administration of President Muhammadu Buhari nor the current leadership of the FIRS.He said: “Stamp Duty dates back to colonial times in Nigeria. It has been a form of tax in Nigeria as far back as 1939 when you and I were not yet born. It was codified in our laws in 1953, that is before independence. It was consolidated in 2002, published in 2006 and further reworked into the Stamp Duty Act 2004.
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