{"id":12285,"date":"2020-07-23T14:59:18","date_gmt":"2020-07-23T13:59:18","guid":{"rendered":"https:\/\/www.propertypro.ng\/blog\/?p=12285"},"modified":"2020-07-23T14:59:18","modified_gmt":"2020-07-23T13:59:18","slug":"6-stamp-duty-to-be-remitted-to-firs-by-property-owners-agents","status":"publish","type":"post","link":"https:\/\/propertypro.ng\/blog\/6-stamp-duty-to-be-remitted-to-firs-by-property-owners-agents\/","title":{"rendered":"6% Stamp Duty To Be Remitted To FIRS By Property Owners, &#038; Agents"},"content":{"rendered":"<p><span style=\"font-family: verdana, geneva, sans-serif; font-size: 14pt;\">The Federal Inland Revenue Service (FIRS) has ordered all property owners and their agents to charge 6% Stamp Duty on all tenancy and lease agreements they enter into with all leasees and remit promptly to the Service.<\/span><\/p>\n<p><span style=\"font-family: verdana, geneva, sans-serif; font-size: 14pt;\">This was disclosed by the Director, Communications and Liason Department, FIRS, Mr Abdullahi Ahmad, in Abuja on Wednesday, according to News Agency of Nigeria.<\/span><\/p>\n<div class=\"code-block code-block-6 ai-viewport-1 ai-viewport-2\"><\/div>\n<p><span style=\"font-family: verdana, geneva, sans-serif; font-size: 14pt;\">Ahmad explained that the directive was given so that they would not run foul of the Stamp Duty Act.<\/span><\/p>\n<p><span style=\"font-family: verdana, geneva, sans-serif; font-size: 14pt;\">According to FIRS, the burden of payment of the six per cent lies on the beneficiary of the tenancy or lease agreement, whom the\u00a0<a href=\"https:\/\/portal.nannews.ng\/1811221\/stamp-duty-landlords-property-agents-to-collect-remit-6-on-tenancy-lease-agreement\/\">Stamp Duty Act<\/a>\u00a0identified as the tenant or renter.<\/span><\/p>\n<p><span style=\"font-family: verdana, geneva, sans-serif; font-size: 14pt;\"><strong>How it works<\/strong>: The responsibility of collection and remittance fall on the landlord or agent in charge of the property for lease or rent.<\/span><\/p>\n<p><span style=\"font-family: verdana, geneva, sans-serif; font-size: 14pt;\">He said,\u00a0<em>\u201cIn any case, the party making the payment shall have the obligation to account for the applicable stamp duties.<\/em><\/span><\/p>\n<div class=\"code-block code-block-35 ai-viewport-1\"><\/div>\n<div class=\"code-block code-block-28 ai-viewport-1\">\n<div align=\"center\"><\/div>\n<\/div>\n<p><span style=\"font-family: verdana, geneva, sans-serif; font-size: 14pt;\"><em>\u201cSome other Stamp Duty types and their rates are Appraisement or Valuation of Property, 1.5 per cent; Certificate of Occupancy, Partnership N1,000 flat rate; Gift of Land, 1.5 per cent Legal Mortgage, 0.375 per cent, Legal Mortgage (Upstamping) and 0.375 per cent.\u201d<\/em><\/span><\/p>\n<p><span style=\"font-family: verdana, geneva, sans-serif; font-size: 14pt;\">Others are deed of Conveyance or Transfer on Sale of Property, 1.5 per cent: Gift of Land, 1.5 per cent Memorandum of Understanding (Related to Land, Sales, Joint Venture, Surrender, Subdivision Agreements, 1.5 per cent, Power of Attorney (Irrevocable\/Land Related), 1.5 per cent and Sales Agreement, 1.5 per cent.<\/span><\/p>\n<p>As Seen On <a href=\"https:\/\/nairametrics.com\/2020\/07\/22\/property-owners-agents-to-charge-tenants-6-stamp-duty-and-remit-to-firs\/\">Nairametrics<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The Federal Inland Revenue Service (FIRS) has ordered all property owners and their agents to charge 6% Stamp&hellip;\n","protected":false},"author":31,"featured_media":12286,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_custom_appearance":"","csco_disable_excerpt_posts_layout":false,"csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[17,37,32],"tags":[466,1882,813,515,4011,1324],"class_list":["post-12285","post","type-post","status-publish","format-standard","has-post-thumbnail","category-featured","category-news","category-real-estate-news","tag-federal-government","tag-firs","tag-housing","tag-landlords-and-tenants","tag-stamp-duty","tag-tenancy-law-in-nigeria","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/posts\/12285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/comments?post=12285"}],"version-history":[{"count":1,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/posts\/12285\/revisions"}],"predecessor-version":[{"id":12287,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/posts\/12285\/revisions\/12287"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/media\/12286"}],"wp:attachment":[{"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/media?parent=12285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/categories?post=12285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/tags?post=12285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}