27 C
Lagos
Tuesday, September 29, 2020
- Advertisement -

FIRS Says Stamp Duty on Rent Below Seven Years is 0.78%

Opinion

Development of Nigeria’s Digital Economy Anchored on Eight Pillars – A Speech by Isa Patanmi

I am highly delighted to launch the Digital Nigeria Portal and Mobile App as part of the implementation of our National Digital...

Why I Made TIME100 Most Influential People of 2020

Not every day do you wake up to this —honoured to be named to the 2020 Time100 from TIME. This has been...

Subsidizing the Naira Blocks Nigeria’s Economic Takeoff By Kingsley Moghalu

The Naira should be floated to find its exchange rate value on the market if Nigeria’s economy is to become productive, instead...

Africa, AfCFTA, The Private Sector and The Way Forward By Abdul Samad Rabiu

I start by congratulating African leaders on the opening of the AfCFTA secretariat last month. I believe the secretariat will further help...

The Federal Inland Revenue Service (FIRS) said on Saturday that the stamp duty payable on rent or lease agreement for a period below seven years is 0.78 per cent.

The federal tax agency issued the update after the furore generated by the FIRS’s new stamp duty policy on rent and lease agreements in the country, which was announced on Wednesday.

In that announcement, the FIRS had directed all landlords and property agents to ensure that stamp duties are paid and remitted on all tenancy and lease agreements.

The FIRS, through its spokesperson, Abdullahi Isma’ila, later clarified the applicable rates with respect to rental and lease agreements by stating that all agreements and leases for periods below seven years will attract an 0.78 per cent stamp duty levy.

“Please note that Stamp Duties rate on Rent/Lease is graduated depending on the number of years in the Agreement as follows: 1-7 years is 0.78%; above 7 to 21 years is 3%; above 21 years is 6%,” Mr Isma’ila clarified in a Tweet on Saturday.

Mr Isma’ila also denied that the FIRS increased, or is planning to increase the prevailing tax rates in the country.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Edefe Ojomo

Edefe Ojomo is a lecturer in the Department of Jurisprudence and International Law at the University of Lagos, Nigeria. She has a...

Afsane Jetha

Afsane Jetha is the Managing Partner and CEO of Alta Semper Capital, which she co-founded in 2015 alongside Ronald Lauder (Chairman of...

Okechukwu Ohanta

Okechukwu Ohanta is the Sub-Surface Manager at Tenoil Petroleum and Energy Services. Mr Ohanta is responsible for the company's subsurface studies, formation...

Chukwunonye Emenalo

Chukwunonye Emenalo is a lecturer of financial management at Lagos Business School. His teaching interests are in financial management/corporate finance. His research...

Oyewale Ariyibi

Oyewale Ariyibi is the Chief Financial Officer at FBN Holdings Plc. Before this appointment, he was Chief Finance Officer at Transnational Corporation...