The Presidency on Thursday said the Tax Reforms Bill, when
passed, will make housing more affordable and available to Nigerians by
reducing the tax burden on the construction and real estate sectors.
Taiwo Oyedele, the Chairman of the Presidential Fiscal
Policy and Tax Reforms, stated this at a Building and Construction Industry
Forum in Abuja.
Speaking on the theme “Nigeria’s Tax Reforms and the
Building and Construction Industry: Implications and Opportunities”, Oyedele
said the bill has many benefits, but it is being misconceived by some people.
According to Oyedele, when the bill becomes law, Value Added
Tax, VAT, on real estate transactions will be exempted, thereby lowering the
cost of building materials and houses.
“The bill is designed in a way to favour low income earners
contrary to what is being claimed, it will also ease their burden.
“There will be no VAT on lands, sale of real estate, and
rent is exempted from VAT. Some of these are areas of controversies in the
past.
“There is an exemption on stamp duties for rents below
N10million a month and capital gains tax is also exempted on the sale of
dwelling houses.
“The Tax Reforms Bill will improve the affordability of
housing,” Oyedele said as quoted by NAN.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
