FG urged to address multiple taxes on real estate

The Chairperson, International Real Estate Conference 2022, Ajayi Franklin, has called for legislation to address the multiple taxations in the real estate industry. Franklin said the maiden edition of the International Real Estate Conference and Exhibition (IRECE) held in Abuja provided a platform for experts to brainstorm on the challenges in the real estate sector […]

The Chairperson, International Real Estate Conference 2022, Ajayi Franklin, has called for legislation to address the multiple taxations in the real estate industry.

Franklin said the maiden edition of the International Real Estate Conference and Exhibition (IRECE) held in Abuja provided a platform for experts to brainstorm on the challenges in the real estate sector in the country.  

He said it could be frustrating when real estate developers pay “countless taxes, levies and fines out of the little you make from your investment. It affects business adversely.”

“If the right and proper legislation is in place, that should be addressed,” he said adding that the members of the Real Estate Developers Association of Nigeria (REDAN) are already working on ensuring that it is in place.

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He said IRECE was initiated by Sim & Lloyd Limited to provide an avenue to unearth the various opportunities that abound in the Real Estate Market with the theme: ‘The place of technology, finance, government policies and the environment in the housing provision in today’s Africa.’  

In his paper, the keynote speaker, Kennedy Iwundu, said there was need for a regular review of property tax (real estate tax) in Nigeria to meet up with modern needs and challenges.

The auditor and tax consultant urged the tiers of government to harmonies taxes on property (real estate) transactions in Nigeria.