NLC Rejects 6% Stamp Duty On Tenancy And Lease Agreements

NLC Rejects 6% Stamp Duty On Tenancy And Lease Agreements

- The 6% stamp duty on tenancy and lease agreement is still courting ripples of controversy

- NLC has vehemently rejected the new tax expansion set to be imposed by the federal government

- The labour group said the 6% stamp duty will increase the economic hardship of Nigerian workers

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The leadership of the Nigerian Labour Congress (NLC) has raised an eyebrow against the federal government's plan to impose 6% stamp duty on tenancy and lease agreement in the country.

Speaking against the development which is presently generating ripples of controversy, Comrade Ayuba Wabba, NLC national chairman, described tax expansion as ambiguous and obnoxious.

Wabba said the stamp duty is an attempt to worsen the economic situation of workers in the country, wondering why there would be tax hike when there is no attempt to lessen the hardship of Nigerians.

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He called on the Federal Inland Revenue Service (FIRS) to rescind this fiscal measure which he described as harsh, saying the present economy of the country and earning of Nigerian workers cannot accommodate new tax.

NLC Rejects 6% Stamp Duty On Tenancy And Lease Agreements

NLC has vehemently rejected the new tax development set to be imposed by the federal government. Credit: Nigerian Tribune.
Source: Depositphotos

"This new financial burden on poor Nigerians comes at a time when the socio-economic pressure arising from COVID-19 dislocations is pushing many Nigerians beyond the limits.
“This means that tenants, which this new policy targets, are some of the most vulnerable people in our society. It would be illogical, insensitive and inhumane to churn out laws that make our poor go to bed at night with tears in their eyes.
“We call on the Federal Government and the Federal Inland Revenue Service to rescind this harsh fiscal measure as it is boldly insensitive to the material condition of Nigerians which has been compounded by the COVID-19 health insurgency," Ayuba Wabba said.

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Meanwhile, Legit.ng reported that President Muhammadu Buhari has approved the naming of some railway stations along the Lagos-Ibadan and Itakpe/Ajaokuta/ Aladja/Warri corridors after some Nigerians.

Rotimi Amaechi, minister of transportation, made this confirmation on Monday, July 27, in a thread of tweets from the federal government's official Twitter page.

In a statement signed by Eric Ojiekwe, the director, press and public relations, ministry of transportation, the deserving citizens have contributed to the progress and development of their respective communities and the nation at large.

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Source: Legit

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