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BREAKING: Tenants Now To Pay Six Per Cent Stamp Duty, Says FIRS

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The Federal Inland Revenue Service (FIRS) has directed landlords and property agents to charge six percent Stamp Duty on all tenancy and lease agreements.

The  landlords/ property agents  are   to  remit such collections     to FIRS “so that they do not run foul of the Stamp Duty Act.”

The tax agency gave the directive through a statement on Wednesday by Director, Communications and Liaison Department Abdullahi Ahmad.

He said: “Property-related transactions like tenancy or lease agreement fall under the Ad Valorem category of the stamp duty which attracts six per cent duty payable in percentage of the total value or sum of the tenancy or lease,” Ahmad explained in the statement.

According  to him, the burden of payment of the six per cent  “lies on the beneficiary of the tenancy or lease agreement, whom the Stamp Duty Act identified as the tenant or renter.”

He added that “the responsibility of collection and remittance fall on the landlord or agent in charge of the property for lease or rent. The  party making the payment shall have the obligation to account for the applicable stamp duties.”

Some other Stamp Duty types and their rates, according to the statement , are; Appraisement or Valuation of Property , .5 per cent; Certificate of Occupancy and  Partnership, N1,000 flat rate; Gift of Land, 1.5 per cent and Legal Mortgage, 0.375 per cent.

Others are Legal Mortgage (Upstamping), 0.375 per cent; Deed of Conveyance or Transfer on Sale of Property,  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.

Stamp Duties payment is enabled by the Stamp Duties Act (SDA) 1939, as amended by numerous Acts and various resolutions contained in the Laws of the Federation of Nigeria. The SDA also provides a list of documents in its schedule and the duty payable on each.

The Finance Act 2019 states that: “the Federal Inland Revenue Service shall be the only competent authority to impose, charge and collect duties upon instruments specified in the Schedule to this Act if such instrument relates to matters executed between a company and an individual, group or body of individuals.”

The total Stamp Duty collection for 2019 was N18 billion

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Despite Sanwo-Olu’s 4pm Curfew, Protesters Refuse To Leave Toll Gate (VIDEOS)

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Lekki protesters defy 24-hour curfew imposed by the state governor, Babajide Sanwo-Olu, gather at tollgate for protest…

Watch video as they come out in mass to stage the protests… One of ur Protesters was interviewed by a reporter listen to the anger in his voice as he talks…
#ENDSARS, #ENDSPOLICEBRUTALIRY

WATCH NOW:


https://www.youtube.com/watch?v=qEVQ9-N1_PM


https://www.youtube.com/watch?v=cd-4uAd3bHQ


https://www.youtube.com/watch?v=BDQ1IUC9BSE

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EndSARS: Drama As Protester Spotted Wearing DPO Uniform In Edo

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This is the moment one of the protesters in Edo State was spotted wearing Divisional Police Officer’s Uniform to protest ground.

The picture was shared online this morning with the caption; “Osaro turn DPO” “Edo my State”.

However, many people have been asking questions as to where did the young protester get the Uniform from and who is actually the owner of the Police Uniform?

This is hilarious indeed!

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ENDSARS Protest At CNN Center, Los Angeles, United States (VIDEO)

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ENDSARS protest hits CNN CENTRE Los Angeles

https://www.instagram.com/p/CGgD_iBj4jj/?igshid=shw6bnrack0t


https://www.youtube.com/watch?v=FJu553yk39g

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