The Federal Inland Revenue Service (FIRS) says landlords will serve as collection agents for the six percent stamp duty that will be charged on tenancy and lease agreements.

The tax agency provided a breakdown of how stamp duty collection will be administered in a statement.

According to the breakdown, six percent will be charged as stamp duty on tenancy and lease agreements while certificates of occupancy will attract a flat rate of N1,000.

The FIRS said it is prepared to reposition stamp duties and make it the next major revenue source for Nigeria in the face of dwindling oil revenue.

“The burden of payment of stamp duty whether fixed or ad-valorem is that of the beneficiaries of a contract or money deposits banks customers who transfer an amount of N10,000 and above from his account to another customer’s account,” the statement read.

“Banks, MDAs, landlords and other executors of chargeable transactions are only agents of collection whose duties are to ensure that the stamp duties due on each transaction are remitted to the government’s account as when due.”

In an earlier statement, FIRS had said the new adhesive stamp duty is necessary to give the instruments the force of law and make them legally binding on all parties involved in such transactions.

Here is a breakdown of how stamp duty will be charged on different instruments.

NAME TYPE RATE EXTRA COPY
Appointment of receiver Flat rate N500 N50
Appointment of trustee or of attorney Flat rate N500 N50
Appraisement or valuation of property Ad valorem 1.5 percent N50
Bank cheque per leaflet Flat rate N1.00
Bank deposit/transfer Flate rate N50 N100
Bill of sale Ad valorem 1.5 percent N50
Bonds (mortgage) Ad valorem 0.375 percent N50
Certificate of occupancy, partnership Flat rate N1,000 N50
Contract agreement Ad valorem 1 percent N50
Contract notes Ad valorem 0.08 percent N50
Debenture Ad valorem 0.375 percent N50
Deed of assignment Ad valorem 1.5 percent N50
Deed of gift Ad valorem 1.5 percent N50
Deed of release/surrender/discharge Ad valorem 0.075 percent N50
Deed of conveyance or transfer on sale of property Ad valorem 1.5 percent N50
Discharge or release Ad valorem 0.075 percent N50
Documents from ministries and parastatals (letter from legal adviser of the ministry of parastatals required) Non-chargeable Free N0.00
Gift (Land) Ad valorem 1.5 percent N50
Goodwill debenture, settlements Ad valorem 0.375 percent N50
Guarantor’s form (for loan application) Flat rate N500 N50
Insurance policy/policies Ad valorem 0.075 percent N50
Joint venture agreements Flat rate  N500 N50
Legal mortgage Ad valorem 0.375 percent N50
Legal mortgage (upstamping) Ad valorem 0.375 percent N50
Loan agreement Ad valorem 0.125 percent N50
Loan agreement (as accompanying document to a mortgage/debenture) Flat rate N500 N50
Marketable securities Ad valorem 2.25 percent N50
Memorandum and articles of association (alteration of memo) Flat rate N500 N500
Memorandum of understanding (related to land, sales, joint venture, surrender, subdivision agreements) Ad valorem 1.5 percent N50
Memorandum of understanding (related to ordinary agreements) Flat rate N500 N50
New company registration (government organisations only) Flat rate N500 N50
Notaries Act Flat rate N500 N50
Oath and other affiliates bodies relating to above Flat rate N500 N50
Oath, affidavit affirmation, statutory declaration, agreement (memo of handwritten) ordinary Flat rate N500 N50
Ordinary or open agreement underhand articles Flat rate N500 N50
Power of attorney – Revocable/not land-related Flat rate N500 N50
Power of attorney (Irrevocable/land-related) Ad valorem 1.5 percent N50
Power of attorney (POA not relating to sales, conveyance, transfers of any landed property) Flat rate N500 N50
Promissory notes of ordinary documents/I.O.U Ad valorem 0.1 percent N50
Proxy form Flat rate N500 N50
Sales Agreement Ad valorem 1.5 percent N50
Settlement of any instrument Ad valorem 0.375 percent N50
Share increase Ad valorem 0.75  percent N50
Share increase (pre-incorporation) Ad valorem 0.75 percent N50
Share reduction Flat rate N500 N50
Share reduction (pre-incorporation) Ad valorem 0.75 percent N50
Share transfer Non-chargeable Free N0.00
Share transfer (pre-incorporation) Ad valorem 0.75 percent N50
Shipping agreement Non-chargeable Free N0.00
Surrender, bills of exchange Ad valorem 0.1 percent N50
Tenancy/lease Ad valorem 6 percent N50
Vending agreement Ad valorem 1 percent N0.00
Will Flat rate N500 N50

Culled from TheCable

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