Stamp Duty on Rent in Nigeria

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  • I
    Itoro 3 years ago

    Hello Everyone!

    What do you think about the new 6% stamp duty charge on rent in Nigeria?

    It's the rave of the moment and I'll love to hear your thoughts.

    See you in the comment section!
  • J
    Joseph 3 years ago

    Yes! I recently heard about this and I believe it will be so overwhelming for the tenant.

    The tenant has to pay a 10% withholding tax on rent, a 5%-10% agency fee, and a caution fee in most cases. I think I should start my own building project.#hahaha.
  • I
    Itoro 3 years ago

    I agree with you. The cost of rent will be skyrocketed and this burden is borne 100% by the tenants.
  • T
    Toyin O. 3 years ago

    FIRS recently put clarity to the rates. 6% stamp duty only applies to a tenancy agreement above 21 years while 7 to 21 years lease or tenancy agreement attracts 3% and less than 7-year tenancy agreement is 0.78% and most tenancy agreement falls within this rate. I still think the timing is wrong though. COVID-19 has disrupted a lot of livelihoods. 

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