The administration of Babajide Sanwo-Olu has taken another look at the land tax regime with approvals and concessions that consigned the old order to the dustbin of history. jidesanwoolu followlasg
The administration of Babajide Sanwo-Olu has taken another look at the land tax regime with approvals and concessions that consigned the old order to the dustbin of history. By the terms of the new regime announced by the Commissioner of Finance Dr. Rabiu Olowo, the state government cancelled the 2018 Land Use Charge Law and reverted to the pre-2018 rates. It however, upheld the 2018 method of evaluation.
During the immediate past regime, land use charges were hiked by as much and 400 per cent. That was in addition to other forms of taxes that experienced the same increase. Following the exorbitant increases, there were widespread protests as the measure was generally viewed to be inconsistent with the prevailing economic conditions of the time.
The dust created by that policy did not quite settle till the Sanwo-Olu regime came into power. It would therefore seem the new measures are primarily targeted at tidying up the contentious aspects of that suffocating land tax regime that had been a nightmare for both property owners and tenants. It is good a thing the state government has reverted to the pre-2018 rates which are considered more realistic.
An indication that the measures were meant to align with the mood of the times was the additional introduction of a COVID-19 incentive of 10 per cent to be granted on total amounts payable by property owners. Overall, the Lagos State government has done well by giving a human face to land tax regime not only by reverting to the pre-2018 order but through the number of incentives and exemptions approved.
Of late, the federal government has embarked on a bazaar of tax increases without consideration to their effects on the suffering people of this country. There is a hike on Value Added Tax VAT. There is an increase in the price of fuel. We also hear of the re-introduction of tolls on our major highways. These are just a few in the list of tax hikes.
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