Tenancy Agreement (Ad Valorem)

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In recent days, there have been many controversies and misunderstandings on the part of many parties about stamp duty payable for leases. This is largely due to the lack of accurate information. As the general biblical proverb says: “My people perish for lack of knowledge.” The Federal Inland Revenue Service (FIRS) says the owners will serve as collection offices for the six percent stamp duty levied on leases and leases. The question now is what is the correct stamp duty to pay for leases or leases. The enabling law[1] contains the mechanism/formula for calculating applicable percentages. We tried to simplify the same thing with a rental value of N1,000, 000.00 (for our friends, Some titles of the print media are written as follows: “Property owners, brokers who charge 6% stamp duty and transfer to TENANTs,” “TUC refuses 6% stamp duty on rent,” “Work rejects 6% stamp tax on rent, lease,” which generally indicates that the rent tax is flat. In its circular of 2 July 2007 (www.iras.gov.sg/irasHome/page.aspx?id=910), the IRAS recalled that such a letter of offer accepted with the Ad Valorem stamp tax is calculated as a lease agreement in accordance with the rates set out in Article 8 of the first stamp Duties Act calendar. Thus, six percent are perceived as a stamp duty on leases and leases, while occupancy certificates attract a package of N1,000. Subser over or not responsible. They can only pay stamp duty on leases and leases at the statutory rate, the Stamp Act. It is also instructive to point out that Nigerian courts have repeatedly ruled that a subject cannot be taxed unless the language of the statute clearly imposes it. Position before February 19, 2011: A tenant or lessor can claim a refund of the stamp duty paid on an accepted letter of offer, a lease or lease/lease/rental agreement only in the circumstances listed in Section 57 of the Stamp Duties Act, which are: If the landlord and tenant directly enter into a lease agreement or enter into a lease agreement without the presentation of a letter of offer or the conclusion of a lease agreement, this lease or lease agreement is subject to the stamp of value.

(i) any rental vehicle for the rental of a house with a rent of up to 2,000 B;; and position on February 19, 2011 or after February 19, 2011: A tenant or lessor can now claim a refund of stamp duty paid for cancelled leases of more than $50, if the following conditions are met: a person can apply to determine the amount of taxes levied on each instrument exported to the collector.