The Nigerian Institution of Estate Surveyors and Valuers has expressed disappointment over the imposition of stamp duties ranging from 0.
78 per cent to six per cent of the value of rents and leases by the Federal Government.
He expressed disappointment with the Federal Inland Revenue Service’s decision to impose extra tax burden on Nigerians despite the catastrophic consequences of COVID-19 on the economy. He noted the 1.5 per cent ad valorem charges on Deeds, Power of Attorney and Memorandum of Understanding documents would stifle investments in housing and real estate and called for a flat rate stamp duty charge at a maximum rate of N1,000.
“We hereby advocate a flat rate stamp duty charge in this category instruments at a maximum rate of N1,000.”
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