THE Federal Inland Revenue Service (FIRS) has directed landlords and property agents to charge six percent Stamp Duty on all tenancy and lease agreements.
The landlords/ property agents are to remit such collections to FIRS “so that they do not run foul of the Stamp Duty Act.”
According to him, the burden of payment of the six per cent “lies on the beneficiary of the tenancy or lease agreement, whom the Stamp Duty Act identified as the tenant or renter.”He added 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.
Others are Legal Mortgage , 0.375 per cent; Deed of Conveyance or Transfer on Sale of Property, 1.5 per cent; Memorandum of Understanding , 1.5 per cent and Sales Agreement, 1.5 per cent.
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