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Stamp Duty: 1 year rent agreement will get 0.78% tax, FIRS insists

The Federal Inland Revenue Service (FIRS) has made a clarification on its plan to impose a stamp duty charge on tenancy.

FIRS executive chairman, Muhammad Nami who spoke at a webinar organised by OTISVIP, said the six percent stamp duty charge on tenancy previously announced will only apply to tenancy and lease agreements that are above 21 years.

According to him, tenancy and lease agreements less than seven years would carry 0.78 percent stamp duty while agreements between seven and 21 years will carry a three percent charge.

Nami urged Nigerians to accept the fact that the country can no longer rely solely on crude revenue to fund the budget, hence the need to embrace taxation as the new normal of national fiscal policy.

A statement released by Abdullahi Ismaila Ahmad, director of FIRS communications and liaison department partly read;

“While all panellists agreed on the need for taxation to complement government’s revenue flow from natural resources, a lively debate ensued on the timing of the stamp duty campaign and the public debate surrounding the application of tax revenue in the nation-building processes, especially in building public infrastructure.

“The panellists stressed the need for prudent management of tax revenue even as they enjoined Nigerians to embrace the fact that the tax net needs to get wider to accommodate more citizens for holistic national development.”

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Nigeria is now safer than it was five years ago – Buratai insists

Buratai

Chief of Army Staff (COAS), Lieutenant General Tukur Yusuf Buratai, has stated that Nigeria is safer and more secured than it was in 2014.

According to TheNation, he said this during a sit-out with Wounded Soldiers in Action (WIA) in Kaduna.

According to him;

“I am very happy to see you, having met some of you in the battle fields, you were determined to pay the supreme prize. This is the true spirit of a gallant soldier and a patriot.

I am proud you have made the impact that some of our colleagues and Nigerians are safe and I am equally happy that we are living in peace and Nigeria is safer now than we had five years ago.”

Entertainment News

My father was always beating my mother – Popular actress opens up

Fast rising Nollywood actress, Ada Karl, has opened up about her growing up in an abusive environment, even though her father was a great dad.

She made the revelation in a recent interview with TheNation.

When asked about her childhood memories, the actress said: “I don’t recall anything good, just the bad ones. Like my dad physically abusing my mum – it wasn’t a palatable experience.”

On how it affected her relationship with men, she said: “I was very suspicious of any man that said ‘hello’ to me because I assumed all men were the same.

I was traumatised and assumed all men were abusive. It affected my view about men. Growing up, I considered being a Nun, but I came from a Pentecostal and Anglican background. So, l wasn’t even bold enough to discuss that with my parents.

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‘I Don’t Like It’ -Akin Alabi bluntly tells artist who shared an artwork of him (photo)

A Nigerian artist who created artwork of Akin Alabi and his late mentor Abiola Ajimobi got more than he sought for after the politician rejected the art piece.

The man who identified as Adeyinka_art took to the micro-blogging platform to plead for a retweet of his work until the businessman turn politician sees the piece.

Unfortunately, Akin Alabi bluntly replied to the artist that he doe not like the work, even though the request to retweet was meant for others and not him. What is your take on this drawing?

There has been a torrent of attacks on the betting executive for being so hard on an upcoming artist...

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