The Stamp Duties Act majorly provides for transactions in the Real Estate Sector, Stock/Securities Market, transactions relating to company incorporation and all other Instruments admissible as evidence in court proceedings.
On Tuesday last week, our network of over 300 realtors requested that Vi-M Professional Solutions organise a webinar to educate them on how Stamp Duty (as re-awakened by the FIRS) would impact the Real Estate Sector. This request, we also extended to the Tax Regulators at Federal Inland Revenue Service (FIRS) and the Lagos Internal Revenue Service (LIRS).
On this backdrop, the following TaxRegulators have graciously honoured our invitation to join as guest speakers, to provide the Tax Authorities’ perspectives on this webinar, scheduled for Wednesday, 5 August 2020:
1. Mr. Mathew Sanya Gbonjubola (Director, Tax Policy at the Federal Inland Revenue Service)
2. Mr. Waidi Ogunnorin (Lagos State Commissioner for Stamp Duties)
Several communiques and debates have ensued online since we last week Wednesday, about how Stamp Duties would apply to leases/ property rentals. It is worthy of note however, that the Real Estate sector encompasses much more than just tenancy agreements.
There are Real Estate investments, purchases/ sales, leases, agency, investment trusts/ companies, construction/ development, joint ventures, gifts, insurance, loans/mortgages, tenancy, numerous deals/transaction structuring, MOUs, shell companies, power of attorney, professional/legal services, employment contracts, bank deposits, etc. – practically all transactions covered by the Stamp Duty regime.
Join us on this webinar as we unpack the Real Estate sector and the Stamp Duty regime (including compliance processes, responsible tax authority, which party(ies) in the transactions would bear the compliance/ payment burdens, and exempt transactions/ instruments).
Register at www.vi-m.com/webinars.