The Nigeria Institution of Estate Surveyors and Valuers (NIESV) has warned that the six per cent stamp duty charge on tenancy and lease agreements newly introduced by the Federal Inland Revenue Service (FIRS) would be a very big burden for tenants.
FIRS had on Wednesday directed landlords and property agents to charge six per cent stamp duty on all tenancy and lease agreements.
Speaking after an inspection of the ongoing work at the NIESV headquarters, yesterday, in Abuja, President of NIESV, Chief Emmanuel Okas Wike, said the institution’s presidential advisory committee was studying the development while its legal committee was looking at the legal and professional sides of the policy.
Wike noted that the NIESV would come up with a position paper that would be sent to the FIRS.
READ ALSO: Amid COVID-19, tenants, landlords to remit 6% tax on tenancy, lease agreement to FIRS >>> https://www.newsflakes.com.ng//news/amid-covid-19-tenants-landlords-to-remit-6-on-tenancy-lease-agreement-to-firs-2286
He added: “It is going to impact on the industry very well. As a person, I can tell you that, that is a very big burden for members of the society that are not property owners, especially those who are tenants. But I think that we will allow the institution to have a position on that. I can tell you that in the next few days, we will come up with a position paper that will be sent to FIRS.”
The NIESV President expressed satisfaction that the institution has been able to roof the edifice, adding that the target was to move into the permanent headquarters before the end of his administration in 2022.
He said: “I want to thank all the members of NIESV for their support for this site and also our past presidents with the support of the council and our members. It is now for us to continue from where they stopped. It is our project; that’s why we are here to look at what the contractor has done. I am very happy and elated that we have been able to roof this building within three years."
NEWS FLAKES NG had earlier reported that amid the rising economic effects of the coronavirus global pandemic, the Federal Inland Revenue Service (FIRS) has declared that landlords and property agents must charge 6 per cent Stamp Duty on all tenancy and lease agreements they enter into with all renters and remit same promptly to the Service.
Compliance to this directive will ensure that they do not run foul of the Stamp Duty Act, the report added.
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