The Federal Inland Revenue Service (FIRS) has clarified the categories of stamp duties to be paid by tenants.The FIRS on Wednesday..
The Federal Inland Revenue Service has clarified the categories of stamp duties to be paid by tenants.
Mr. Gbonjubola explained that “the 6% stamp duty is for tenancy above 21 years while 7 to 21 years lease or tenancy attracts 3% and less than 7-year tenancy is below 1%.” According to him, “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.”
He noted that “given that most people enter into rent agreements for less than 7 years, the applicable stamp duty rate to most people will be 0.78%.”
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