For continuous remittance to the service, the Federal Inland Revenue Service (FIRS) has directed landlords and property agents to charge six per cent stamp duty on all tenancy and lease agreements with all renters.

In a statement on Wednesday, FIRS said the burden of payment of the six per cent falls on the beneficiary of the tenancy or lease agreement, whom the Stamp Duty Act identified as the tenant or renter.

The responsibility of collection and remittance lies on the landlord or agent in charge of the property for lease or rent as identified by the Stamp Duty Act.

“In any case, the party making the payment shall have the obligation to account for the applicable stamp duties.”

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Some other Stamp Duty types and their rates are appraisal or valuation of property, 1.5 per cent; certificate of occupancy, partnership N1,000 flat rate; gift of land, 1.5 per cent; legal mortgage, 0.375 per cent; legal mortgage (upstamping), 0.375 per cent; deed of conveyance or transfer on sale of a property, 1.5 per cent; memorandum of understanding (related to land, sales, joint venture, surrender, subdivision agreements, 1.5 per cent; power of attorney (irrevocable/land-related), 1.5 per cent; and sales agreement, 1.5 per cent.