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What You Need To Know About Stamp Duty On Rent Agreements

Taiwo Oyedele, Fiscal Policy Partner and West Africa Tax Leader at PricewaterhouseCoopers Nigeria, on Friday explained stamp duty as regards rent agreements.

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In a series of tweets, the tax expert said the rate of stamp duty on rent agreements is 0.78 per cent and not 6 per cent as widely circulated. He explained that for a lease term less than seven years, the duty is 0.78 per cent while terms from seven to 21 years is 3 per cent.

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Oyedele stated that the 6 per cent being circulated is actually for terms from 21 years and above. He also said individuals renting from other individuals would pay taxes to the Lagos Inland Revenue Service (LIRS) while those dealing with companies would pay to the Federal Inland Revenue Service (FIRS) with the landlord being employed by the tax collector to remit the taxes to it.

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