6% Stamp Duty on tenancy will have negative impact on tenants- NIESV President, Okas Wike
The President, Nigerian Institution of Estate Surveyors and Valuers (NIESV), ESV (Chief) Emmanuel Okas Wike has condemned the newly introduced policy from Federal Inland Revenue Service, FIRS, which says all property owners and their agents to charge 6 per cent Stamp Duty on all tenancy and lease agreements they enter into with all leases and remit promptly to the Service.
ESV Wike while speaking with newsmen on Friday shortly after inspection of five storey building Council headquarters under construction in Abuja said the policy will have negative impact on the society.
NIESV president, however, said the institution is reviewing the Federal Inland Revenue Service (FIRS) policy, stressing that the matter had been handed over to the Council’s newly inaugurated Presidential Advisory Committee to thoroughly review the legal and other aspects of the policy.
According to him, the official position of the Council would be made known to the public when the Committee submits its report.
“Very well it is going to impact on the industry, but I wouldn’t want to give a personal opinion, the institution is looking at that , we have a Presidential Advisory Committee that we just formed and we have handed the matter to them, we have legal committee that are also looking at it.
“But as a person, I can tell you that that is a very big burden for members of the society that are not property owners, especially those who are tenants.
“But I think that we will allow the institution have a position on that and I can tell you that in the next few days , we will come up with a position paper that will be sent to FIRS” he stated .
ESV Wike also announced a donation of N5m for the support of the Council headquarters’ building.
He, however, urged all members to support the project, adding that the target is to complete the building project and move in the Council Secretariat into the headquarter.
“Our target is that before the end of this Administration in 2022, we should move in into this place and I know that our members are capable despite economic challenges that we are facing.
