Federal Government publishes stamp duty charges on real estate related transactions.

Growing rate of real estate transactions as shown in the increase in the number of recorded real estate transactions over the past few years forces the Federal Government to publish stamp duty charges for real estate related transactions.

As part of measures to reduce disputes in real estate related transactions and generate more revenue the Federal Inland Revenue Service (FIRS) has announced that stamp duty will be paid on house rent and Certificate of Occupancy (C of O).

Stamp duty is basically charged in two forms, either ad valorem (where duty payable is a percentage of the consideration on an instrument) or a fixed sum irrespective of the consideration on dutiable instrument or document.

This news was disclosed in a press statement by the FIRS Director for Communication and Liaison Department, Mr Abdullahi Ahmad, in Abuja, on Thursday July 2, 2020, as reported by the News Agency of Nigeria (NAN).

Some of the stamp duty charges are;