Home | News | General | FG introduces tax on house rent agreements, others
COVID-19: FG makes U-turn on resumption of schools across the country
FG reveals important update about Madagascar COVID-19 herb

FG introduces tax on house rent agreements, others





- Nigerians will now be required to pay stamp duty on house rent agreements and Certificate of Occupancy in line with a new directive by the FIRS

- Abdullahi Ahmad, a spokesperson for the FIRS made the disclosure in a statement in Abuja on Thursday, July 2

- Ahmad said other common business-related transaction instruments should also be subjected to stamp duty

PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!

Nigerians will now be required to pay stamp duty on house rent agreements and Certificate of Occupancy (C of O) in line with a new directive of Federal Inland Revenue Service (FIRS).

Abdullahi Ahmad, a spokesperson for the FIRS made the disclosure in a statement in Abuja on Thursday, July 2, Daily Trust reported.

FG imposes stamp duty on house rent agreement, gives reason

The federal government has mandated Nigerians to pay stamp duty on house rent agreements. Photo credits: Political Digest
Source: UGC

He advised Nigerians to ensure that documents pertaining to rent or lease agreements for their homes or offices are subjected to authentication with the new FIRS adhesive stamp duty.

APC reveals how it will screen Edo governorship aspirants to avoid a repeat of Bayelsa scenario

Ahmad also said other common business-related transaction instruments should also be subjected to stamp duty.

He pointed out that the new FIRS adhesive stamp duty is necessary in order to give the instruments the force of law and make them legally binding on all parties involved in such transactions.

The spokesperson disclosed that the new FIRS adhesive stamp duty was recently introduced by the government.

In another news report, the Nigeria Interbank Settlement System (NIBBS) has revealed that bank accounts in Nigeria have risen by 35 million between January to May 2020.

A breakdown of the data indicates that the total number of bank accounts grew astronomically to 160 million from 125 million, which represents a growth of 78.1 percent.

According to the data, the number of active accounts also grew by 32.1 million in 5 months from 79.4 million active accounts in January to 111.5 million by the end of May.

Retention of military chiefs is a disservice to Nigeria - Group tells Buhari

Experts say this may not be unconnected with the lockdown which saw a greater dependence on alternative banking channels.

The number of active accounts for the last five months is far greater than the average of 74 million active accounts between January and December 2019.

However, the data also revealed a negative growth in current accounts as it witnessed a drop of 108 thousand accounts between January and May.

The total current account in January was 25.2 million, while it dropped to 25.1 million. The impact of the COVID-19 lockdown on the Nigerian economy has prompted the rollout of new economic policies, aimed at revamping the country’s economy, create jobs and wealth for the citizens.

PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app

5 years after, Nigerians speak about Buhari's administration | Legit TV

[embedded content]

CLICK HERE TO READ MORE FROM: General Visit website



Loading...

view more articles

About Article Author

Chuka (Webby) Aniemeka
Chuka (Webby) Aniemeka

Chuka is an experienced certified web developer with an extensive background in computer science and 18+ years in web design &development. His previous experience ranges from redesigning existing website to solving complex technical problems with object-oriented programming. Very experienced with Microsoft SQL Server, PHP and advanced JavaScript. He loves to travel and watch movies.

View More Articles

100 Most Popular News

1 2 Displaying 1 - 100 of 168