Multiple Taxation in Nigeria is raising an eyebrow as Nigerian developers have faulted the government’s enforcement of multiple taxation for the nation’s worsening housing deficit.
According to numerous reports by developers, the issue of multiple taxation has remained an obstruction to housing development.
It has been stated that taxes are one of the factors contributing to many house owner’s refusal to regularize their landed property.
Speaking on the issue in a recent interview culled from The Punch, the Chief Executive Officer of Riel Homes, Dr Kolade Adepoju addressed multiple taxation as a menace that continues to hinder the progress of every industry.
He mentioned that there are multiple taxes, both legal and illegal, being imposed on the building materials when shipping at the port.
Dr. Kolade continued that if this issue can be tackled, it will reduce the deficit gap in the housing sector.
He further disclosed his optimism that the tax reform committee of the new government will get this issue resolved.
Multiple Taxation in Nigeria: More Reactions
From our compilation of expertise view, the summary of the matter under discussion remains that, the issue of multiple taxation is one of the reasons house owners are hesitant to regularize their landed property.
This factor was buttressed by the current cumbersome process of getting a Certificate of Occupancy for a newly-acquired property, the numerous taxes that are imposed such as capital gains tax, tenement rate, and others are guaranteed to discourage one.
Other factors highlighted are the case of consumers of housing products who are usually charged value-added tax, health and safety approval fee, ground rent, tenement rate, and neighbourhood improvement tax.
In all, it is advised that the government should reduce taxes on housing and find other ways to generate tax revenue as the revenue loss on the government’s end is on the rise.
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