The Federal Inland Revenue Service on today announced that property owners and agents have been ordered to charge 6% Stamp Duty and remit back to the FIRS. FIRS Director of Communications and Liason Department, Abdullahi Ahmad told the News Agency of Nigeria that the levy applies to all tenancy and lease agreements entered into by landlords and agents regarding a property.
Ahmad said the directive is in line with the Stamp Duty Act. He explained that property-related transactions like tenancy or lease agreement fall under the Ad Valorem category of the stamp duty which attracts 6% duty. This percentage is payable of the total value or sum of the tenancy or lease. This new development has sparked conversations on Twitter, with many Nigerians being cynical about the FIRS’s stamp duty.