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A Nation of Stamps

The FIRS Extends Adhesive Stamp Duty Charge to Rent and Lease

A Nation of Stamps: "The Federal Inland Revenue Service (FIRS) has applied the newly introduced stamp duty to house rent and Certificate of Occupancy (C of O) in line with its new adhesive duty. The new development was announced on Thursday in Abuja by the FIRS Director, Communications and Liaison Department, Mr. Abdullahi Ahmad.

"He said Nigerians should ensure that documents pertaining to rent or lease agreements for their home, offices, C of O and other transactions related to the subject matter should be subjected to authentication with new FIRS Adhesive Stamp Duty", Samuel Nwite reports.

The fact is that this campaign is working.

The Federal Inland Revenue Service (FIRS) has generated the sum of N66 billion from stamp duties between January and May. The FIRS Director, Communications and Liaison Department, Abdullahi Ahmad, made this known in a statement in Abuja on Tuesday. [...] Mr Nami said the money realised in the first five months of the year from stamp duties represented about 1,000 per cent increase. He stated that the increment was unprecedented when compared to six billion naira collected from January to May 2019.