Tenants to start paying 6% stamp duty in Nigeria

6% stamp duty on all tenancy and lease agreements will be paid to landlords and property agents by tenants.

The payment will in turn, be remitted to FIRS so as to not run foul of the Stamp Duty Act. This directive was given by the Federal Inland Revenue Service (FIRS).

The directive was issued through a statement by the Director, Communications and Liaison Department of the agency, Abdullahi Ahmad.

He said,

“Property-related transactions like tenancy or lease agreement fall under the Ad Valorem category of the stamp duty which attracts six per cent duty payable in percentage of the total value or sum of the tenancy or lease”.