FG Introduces Stamp Duty On House Rent Agreement, C Of O, Others.

The Federal Inland Revenue Service (FIRS) has said that henceforth, stamp duty will be paid on house rent and Certificate of Occupancy (C of O) in line with its new adhesive duty.
The FIRS Director, Communications and Liaison Department, Mr Abdullahi Ahmad, made this known in a statement in Abuja on Thursday.
Ahmad urged Nigerians and other residents to ensure that documents pertaining to rent or lease agreements for their homes or offices, C of O as well as a list of other common business-related transaction instruments are subjected to authentication with the new FIRS Adhesive Stamp duty.
“The following are the chargeable transactions in the Fixed Duty Instruments category, Power of Attorney (PoA); Certificate of Occupancy (C of O), 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 Agreement, Insurance Policies, Contract Agreements, Vending Agreement, Promissory Notes, Charter-Party and Contract Notes.
“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.