TUC kicks against new stamp duty on tenancy

The Trade Union Congress of Nigeria (TUC) Sunday rejected government’s recent rollout of stamp duty rates for tenancy and lease agreements.

A statement endorsed by Quadri Olaleye, TUC’s president and Musa Lawal, its secretary general, quoted the trade association as saying the policy shift is “another ploy to further impoverish Nigerians.”

“Sometimes, we wonder if there is any milk of kindness left in our leadership.

“Should enforcement of stamp duty on house rent and Certificate of Occupancy be on the priority list of the FIRS at a time the country is experiencing a housing deficit and millions of Nigerians have lost their jobs?

Read also: FIRS makes clarifications on stamp duty, tenancy agreement below seven years to attract 0.78% charge

“We read that Ghanaians will not be paying for power throughout this year. Why is our case always different? Why increase our burden now?” the document said.

Last week, the Federal Inland Revenue (FIRS) mandated landlords and property agents in the country to collect stamp duties on all lease and tenancy agreements they entered into with clients.

It also directed money deposit banks to remit same to the FIRS account domiciled with the central bank.

“It is the responsibility of MDAs, MDBs, companies, landlords, executors etc to ensure that service providers, contractors, tenants, etc, pay stamp duties due on agreements, receipts and other dutiable instruments,” the fiscal authority said in a document signed by its head, Muhammadu Nami.

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