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#Tax101 - Stamp duty on most rent agreements is at the rate of 0.78%, not 6% as being widely circulated. Based on the Stamp Duties Act, stamp duty on lease or rent agreement is payable as follows:
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If the lease term is less than 7 years, stamp duty rate is 0.78% (e.g. N780 on N100k rent)
For a term of 7+ to 21 years, stamp duty rate is 3% (means N3k for N100k rent)
For a term above 21 years, stamp duty rate is 6% (e.g. N6k for N100k rent)
For a term of 7+ to 21 years, stamp duty rate is 3% (means N3k for N100k rent)
For a term above 21 years, stamp duty rate is 6% (e.g. N6k for N100k rent)
Given that most people enter into rent agreements for less than 7 years, the applicable stamp duty rate to most people will be 0.78%.
