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FIRS clarifies tenancy stamp duty package

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami has assured tenants across the country that the Service is working on a stamp duty palliative package for them in view of the current economic realities occasioned by COVID-19.

A statement issued by the Director, Communications and Liaison Department, FIRS, Abdullahi Ahmad, says the stamp duty will not be collected in arrears from tenants, and enjoined Nigerians to embrace tax payment as a patriotic duty.

The Executive Chairman stated that the FIRS was aware that many taxable businesses were going through difficulties as a result of COVID-19 pandemic.

FIRS has consistently rolled out tax-related palliatives to relieve them of their tax liabilities since the pandemic shut down the country and global economy.

Mr. Nami said that contrary to some false claims in certain quarters, stamp duty was not a creation of the current administration of President Muhammadu Buhari or the current leadership of the FIRS.

He said Stamp Duty dates back to colonial era and has been a form of tax in Nigeria as far back as 1939.

Mr Nami allayed the fear that stamp duty would lead to rent increase, saying “Stamp duty should not make any landlord to increase his or her rent because it is not paid by the landlord.

The coordinating Director, Tax Operations Group, FIRS, Mr. Femi Oluwaniyi, had also clarified that “the FIRS stamp duty on rent or lease only applies to new agreements and not to renewals. 

Biodun Dare

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