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FIRS makes new rent laws, stamp duty compulsory

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Nigeria’s Federal Inland Revenue Service, FIRS, has insisted on rent or lease agreement involving landlord and tenant to carry the new FIRS adhesive stamp duty.

The Executive Chairman of the Federal Inland Revenue, Alhaji Muhammed Nami in a statement, he issued in Abuja on Thursday informed Nigerian citizens that house rent agreement, CofO, others must carry stamp duty.

“Documents pertaining to rent agreements for homes or offices, Certificate of Occupancy (CofO) as well as a list of other common business-related transaction instruments are subject to authentication with the new FIRS Adhesive Stamp duty.

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The FIRS chairman said, the.development would give legal backing as well as.make the documents binding on parties to the instruments.

“The new FIRS Adhesive Stamp Duty which is available in all FIRS offices nationwide was launched in Abuja on Tuesday in Abuja at the official inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties.

Nami further explained: “chargeable transactions under the Stamp Duties Act as amended in the Finance Act 2019 are in two categories – Fixed Duty Instruments and Ad-Valorem Instruments.”

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“The following are the chargeable transactions in the Fixed Duty Instruments category: Power of Attorney (PoA); Certificate of Occupancy (CofO); Proxy form; Appointment of Receiver; Memorandum of Understanding (MoU); Joint Venture Agreements (JVA); Guarantor’s form; and Ordinary Agreements Receipts.”

“While ad-Valorem Instruments chargeable under the Stamp Duties Act are Deed of Assignment; Sales Agreement; Legal Mortgage or Debentures; Tenancy or Lease Agreements; Insurance Policies; Contract Agreements; Vending Agreement; Promissory Notes; Charter-Party; and Contract Notes.

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According to Nami, “Stamp Duty is basically charged in two forms, either ad valorem where duty payable is a percentage of the consideration on an instrument or a fixed sum irrespective of the consideration on dutiable instrument or document.”

The FIRS boss urged members of the public “to make sure that any of the above-listed Instruments they give or receive in the course of their business or official transactions have the new FIRS Adhesive Stamp Duty affixed or stamped on them to authenticate or legalize such Instruments.”

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