As part of measures to mitigate dispute in real estate- related transactions, The Federal Inland Revenue Service (FIRS), has announced that stamp duty will be paid on house rent and Certificate of Occupancy (C of O), in line with its new adhesive duty.
Disclosing this via a press statement by the FIRS was Abdullshi Ahmad, Director for Communication and Liaison Department, in Abuja, on Thursday July 2, 2020, as reported by the News Agency of Nigeria (NAN).
Ahmad said that the new policy was important in order to give the instruments the legal backing required, and make them legally binding on all parties involved in such transactions.
He advised Nigerians to ensure that documents that relate to rent and lease agreements for homes or offices, C of O, and other common business-related transaction instruments were authenticated with the new FIRS Adhesive Stamp Duty.
While quoting the Executive Chairman of FIRS, Ahmed said, “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.