The stamp duty varies from less than 1 per cent to 6 per cent depending on the duration of the contract. In a clarification on approved rates...
on Saturday clarified that the stamp duty payable on rent or lease agreement for a period below seven years is 0.78 per cent.
The stamp duty varies from less than 1 per cent to 6 per cent depending on the duration of the contract. He also denied that the FIRS increased, or is planning to increase the prevailing tax rates in the country.Also, the Director, Tax Policy in FIRS, Mathew Gbonjubola, during a webinar conference on Saturday gave further clarification to the issue.
Since the announcement of the stamp duty on rent, many Nigerians, particularly workers who pay annual rents for their accommodations, have been apprehensive, as many fear they are expected to pay 6 per cent of their rent each time they want to renew them. They said it was obvious taxation was the new normal of national fiscal policy in the search for alternatives to finance government activities and programmes.
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