FG imposes stamp duty on house rent agreements

FG imposes stamp duty on house rent agreements

- Nigerians will now be required to pay stamp duty on house rent agreements and Certificate of Occupancy in line with a new directive by the FIRS

- Abdullahi Ahmad, a spokesperson for the FIRS made the disclosure in a statement in Abuja on Thursday, July 2

- Ahmad said other common business-related transaction instruments should also be subjected to stamp duty

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Nigerians will now be required to pay stamp duty on house rent agreements and Certificate of Occupancy (C of O) in line with a new directive of Federal Inland Revenue Service (FIRS).

Abdullahi Ahmad, a spokesperson for the FIRS made the disclosure in a statement in Abuja on Thursday, July 2, Daily Trust reported.

FG imposes stamp duty on house rent agreement, gives reason

The federal government has mandated Nigerians to pay stamp duty on house rent agreements. Photo credits: Political Digest
Source: UGC

He advised Nigerians to ensure that documents pertaining to rent or lease agreements for their homes or offices are subjected to authentication with the new FIRS adhesive stamp duty.

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Ahmad also said other common business-related transaction instruments should also be subjected to stamp duty.

He pointed out that the new FIRS adhesive stamp duty is necessary in order to give the instruments the force of law and make them legally binding on all parties involved in such transactions.

The spokesperson disclosed that the new FIRS adhesive stamp duty was recently introduced by the government.

In another news report, the Nigeria Interbank Settlement System (NIBBS) has revealed that bank accounts in Nigeria have risen by 35 million between January to May 2020.

A breakdown of the data indicates that the total number of bank accounts grew astronomically to 160 million from 125 million, which represents a growth of 78.1 percent.

According to the data, the number of active accounts also grew by 32.1 million in 5 months from 79.4 million active accounts in January to 111.5 million by the end of May.

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Experts say this may not be unconnected with the lockdown which saw a greater dependence on alternative banking channels.

The number of active accounts for the last five months is far greater than the average of 74 million active accounts between January and December 2019.

However, the data also revealed a negative growth in current accounts as it witnessed a drop of 108 thousand accounts between January and May.

The total current account in January was 25.2 million, while it dropped to 25.1 million. The impact of the COVID-19 lockdown on the Nigerian economy has prompted the rollout of new economic policies, aimed at revamping the country’s economy, create jobs and wealth for the citizens.

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