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REAL ESTATE AND CONSTRUCTIONFIRS introduces stamp duty on house rent and C of O transactions

By niro • 4 weeks ago • 30 views • 2 comments
REAL ESTATE AND CONSTRUCTIONFIRS introduces stamp duty on house rent and C of O transactions

The Federal Inland Revenue Service (FIRS), as part of measures to reduce disputes in real estate related transactions and generate more revenue, has announced that stamp duty will be paid on house rent and Certificate of Occupancy (C of O), in line with its new adhesive duty.

This was disclosed in a press statement by the FIRS Director for Communication and Liaison Department, Mr Abdullahi Ahmad, in Abuja, on Thursday July 2, 2020, as reported by the News Agency of Nigeria (NAN).

He explained that the new policy was necessary so as to give the instruments the legal backing required, and make them legally binding on all parties involved in such transactions.

Consequently, Ahmad asked Nigerians to ensure that documents that relate to rent and lease agreements for homes or offices, C of O, and other common business-related transaction instruments were authenticated with the new FIRS Adhesive Stamp Duty.

It can be recalled that a few days ago, an Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties was inauguated; the new FIRS Adhesive Stamp Duty was introduced then. The committee consists of representatives from the FIRS, the CBN, the Federal Ministry of Justice and the Federal Ministry of Finance, Budget and National Planning.

The committee is tasked primarily with enforcing those sections of the Stamp Duties Act that empower the Federal Government to recover stamp duties, as well as the accompanying fines and penalties for up to 5 years.

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