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

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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.

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