The FIRS said tenants, not landlords, should pay the applicable stamp duty by themselves at any commercial bank of their choice. It also clarified that stamp duty on rent or lease that is less than seven years is 0.78%, not 6%. StampDuty FIRS
The Federal Inland Revenue Service has insisted that there is no basis for rent increment in relation to the stamp duty payable on tenancy and lease agreement by tenants in the country.
Executive Chairman, FIRS, Mr. Mohammad Mamman Nami, gave this clarification in Abuja on Tuesday as part of his ongoing national public enlightenment campaign on the Stamp Duty Act. “The stamp duty is charged at graduated rates. Stamp duty on rent or lease from one year to less than seven years is 0.78 per cent. If your rent is N100,000, stamp duty due on it is N780. Your stamp duty could be as low as N200 or N300 if you live in a room and parlour or in the village where rent is low. If you can afford to pay your rent between seven to 21 years, your stamp duty is three per cent on the rent.
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