Tag: Stamp Duty
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FIRS directs landlords, agents to charge six percent Stamp Duty on all tenancy, lease agreements
The Federal Inland Revenue Service (FIRS) has directed landlords and property agents to charge six percent Stamp Duty on all tenancy and lease agreements. The landlords/ property agents are to remit such collections to FIRS “so that they do not run foul of the Stamp Duty Act.” The tax agency gave the directive through a…
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FG clarifies ‘new’ tax on house rents
The Director-General of the Budget Office of the Federation, Mr Ben Akabueze, says tax on rents, Certificate of Occupancy (C of O) and others is not a new law to the system. Akabueze made the clarification while fielding questions from participants at a virtual presentation of 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper…
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How Lagos based multinational companies evade tax since 2011 – FIRS chair
There is no more hiding place for government contractors in the payment of Stamp Duty, Withholding Tax and Company Income Tax (CIT). “Revenue collecting agencies are to deduct stamp duty, withholding tax and CIT from their contractors at the point of payment and promptly send these to the Federal Inland Revenue Service (FIRS) in lump…
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OPPRESSIVE BANK CHARGES: STAMP DUTY ‘sef dey inside’, By Henry Boyo
By Henry Boyo There is increasing public concern on the forced burden of the serial rape of tens of millions of bank customers’ accounts, with a multiplicity of charges which dove-tailed the CBN’s facilitation of the Cashless Policy and the related electronic settlement of transactions. Although E-banking may have triggered a higher velocity of cash…
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RMAFC to recover N100b stamp duty funds from banks
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), says it will soon commence probe of banks over stamp duties collection as it expects to recover more than N100 billion from the probe. A statement by Mr Ibrahim Mohammed, the commission’s spokesperson on Sunday in Abuja, however, did not specify when the probe would commence. He,…