Stamp duty on rent is not 6% flat rate – FIRS clarifies

The Federal Inland Revenue Service (FIRS) has issued a clarification on the applicable rates for stamp duty on rent/lease agreements. The Service clarifies that the stamp duty rate on rent agreement is graduated depending on the number of years in the agreement, and not at a flat rate of 6% as widely circulated in the... Continue Reading →

July 26, 2020 0

Stamp Duty: What has changed?

One of the tax laws amended by the Finance Act 2019 is the Stamp Duty Act Cap S8 LFN 2004 (as amended). One of the few amendments to the Act is the inclusion of electronic documents in the list of instruments liable to stamp duty. Also, certain bank deposits and transfers are now liable to... Continue Reading →

May 31, 2020 0

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