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The Presidential said that on Thursday the Tax Reform Bill would make housing more affordable and available to the Nigerians when it was approved as a law.
The Chairperson of the Presidential Fiscal Policy and Tax Reform, Taiwo Oyedele, revealed this in a building and construction industry forum in Abuja.
He said the bill would reduce the tax burden on the construction and real estate sector when sailing.
Oyedele said: “When the bill becomes a law, the Value Added Tax (VAT) on real estate transactions will be excluded, thereby reducing the cost of building materials and homes.
“This bill is designed by supporting low -income producers that are contrary to what is claimed, it will also ease their burden.
“There will be no VAT on the land, real estate sales, and leases are released from VAT. Some of them are controversial areas in the past.
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“There is an exception to stamp duty for rent under the N10 million a month, and the Capital Gain tax is also freed from the sale of residential houses.”
He showed that, in the bill, building material production including non-metal products meets the requirements for priority sector incentives to increase production.
He said reforms would be carried out on land transactions, including titling and harmonization of property taxes.
“The Tax Reform Bill will increase housing affordability. This will provide assistance for people who pay rent because what will be done by this bill is to eliminate a lot of tax burden.
“The essence is to make life better for everyone and increase economic activity in the development and construction sector, and extension, the entire economy,” added the Chair of the President’s Committee.
Oyedele encouraged Nigerians to find more understanding of tax reforms and stop relying on social media and their misinformation.
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