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Friday, July 3, 2020

Nigeria Govt Introduces Stamp Duty On House Rent Agreement, C Of O...

The Federal Inland Revenue Service (FIRS) has said that henceforth, stamp duty will be paid on house rent and Certificate of Occupancy (C of O) in line with its new adhesive duty.
The FIRS Director, Communications and Liaison Department, Mr Abdullahi Ahmad, made this known in a statement in Abuja on Thursday.
Ahmad urged Nigerians and other residents to ensure that documents pertaining to rent or lease agreements for their homes or offices, C of O as well as a list of other common business-related transaction instruments are subjected to authentication with the new FIRS Adhesive Stamp duty.
He said this was necessary in order to give the instruments the force of law and make them legally binding on all parties involved in such transactions.
He added that the new FIRS Adhesive Stamp Duty came into being
at the official inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties recently in Abuja.
Ahmed quoted the Executive Chairman of FIRS, Mr Muhammad Nami as saying “chargeable transactions under the Stamp Duties Act as amended in the Finance Act 2019 are in two categories – Fixed Duty Instruments and Ad-Valorem Instruments.
“The following are the chargeable transactions in the Fixed Duty Instruments category, Power of Attorney (PoA); Certificate of Occupancy (C of O), Proxy form; Appointment of Receiver, Memorandum of Understanding (MoU), Joint Venture Agreements (JVA), Guarantor’s form, and Ordinary Agreements Receipts.
“While ad-Valorem Instruments chargeable under the Stamp Duties Act are Deed of Assignment, Sales Agreement, Legal Mortgage or Debentures, Tenancy or Lease Agreement, Insurance Policies, Contract Agreements, Vending Agreement, Promissory Notes, Charter-Party and Contract Notes.
“Stamp duty is basically charged in two forms, either ad valorem where duty payable is a percentage of the consideration on an instrument or a fixed sum irrespective of the consideration on dutiable instrument or document.”
According to him, the FIRS therefore, enjoins members of the public to make sure that any of the above-listed Instruments they give or receive in the course of their business or official transactions have the new FIRS Adhesive Stamp Duty affixed or stamped on them. This, he noted would authenticate or legalise such Instruments.
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FACEBOOK COMMENTS

Akowonjo Adeola

No way we will not take all this shit from them.....nothing like stamp duty!!!!for anything...!!!
2

Swee Mellen

They will start increase house rent now because of stamp duty.

Ahmed Dankano

They keeping bring more problem here and their,we are watching make somebody come tell me say this govt. Is good make I see.

Prince Nadison

During the time of Jonathan when we were in paradise, people came out and shut down the country in a massive protest against. Now nobody wants to protest against anybody anymore in Nigeria. We are in this together....

Mizta G Prince

They will collect that from landlord pocket right

Ebuka Classic

#50 multiplied by 10 million rent agreements at least in a year is 500 million naira, my question now is what will these monies be used for?

Chibuike Gabriel Chineke

I have been tired of this country for long.

Princess Akim

Why the savings account must they take from the poor masses. That is why they said that more than 1oom people will leave under poverty come 2021

Gabriel Egbaji

Yahoo yahoo government

Aniekwe Xtopher

For the concerned?
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