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Tag Archives: property tax

Citizens react to FIRS’s property valuation for company tax


More reactions have continued to trail the decision by the Federal Inland Revenue Service (FIRS) to commence the use of the value of the property housing the offices of companies to generate figures that will be charged as Company Income Tax (CIT). Sometime in 2016, in its drive to increase tax revenue generation, the FIRS started applying the value of ...

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Is Real Estate a Good Investment for Retirement?

real estate a good investment

Is real estate a good investment? With the right set of knowledge and skill, It certainly can be. I’ve seen many people secure a comfortable lifestyle by building a portfolio of real estate, and I’ve seen others lose their shirt, and everything else to go with it. It takes knowledge, skill, intuition, and guts to invest in real estate. If ...

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Introducing Property Taxes In Nigeria

Property Taxes

Property tax (real estate tax) is charged on immovable property—land and structures that are permanently attached to the ground such as a house, building, or land. This article introduces you to the various types of Property taxes in Nigeria. Real estate tax is the same as property tax, though the latter is commonly used. Albeit the purpose of this article is not ...

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Effects of the Land Use Charge Law on Lagosians

effects of land use charge law

On March 25, the Lagos State Government gave landed property owners till April 14 to pay the state Land Use Charge, or risk losing the benefit of enjoying 15 per cent discount for paying the levy. This article discusses the effects of the land use charge law on Lagosians. Conceptually, Nigeria’s economic potential is well recognized as probably the biggest ...

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Kola Aluko owes $25,000 property tax in New York

Kola Aluko

“Kola Aluko, a Nigerian oil mogul, wanted by the Economic and Financial Crimes Commission is owing the City of New York some overdue property tax. The New York Post said the $25,000 tax is over Aluko’s 79th floor penthouse at One57 in Manhattan which he bought for $51 million in 2014. The penthouse has four bedrooms, four-and-a-half baths, 6,240 square ...

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Anambra Government Seals 35 Buildings For Tax Evasion

Anambra Govt. Seals 35 Buildings For Tax Evasion

The Anambra Government on Thursday sealed-off no fewer than 35 buildings in the industrial town of Nnewi for the refusal of the owners to pay property rate of over N150 million. The News Agency of Nigeria (NAN) reports that the buildings include commercial banks, hotels, business plazas, filling stations, hospitals, residential homes as well as primary and secondary schools. Chinenye ...

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Property Taxation: Surveyor Advocates Taxation Of Undeveloped Sites

Surveyor Advocates Taxation Of Undeveloped Sites

The managing director of Oluaye Properties, Olaniyi Livingstone Iyanda, has called on the federal government to initiate policies that would encourage the taxation of undeveloped bare site in order to discourage land speculation and encourage real estate investment. He disclosed this in Abuja during the 2015 Mandatory Continuing Professional Development Seminar organised by FCT Chapter of Nigeria Institution of Estate ...

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Estate surveyor urges FG to enforce property tax

Estate surveyor urges FG to enforce property tax

A real estate surveyor and valuer, Mr Livingstone Iyanda, has urged the Federal Government to partner the Institution of Estate Surveyors and Valuers to enforce property tax in Nigeria. Iyanda told the News Agency of Nigeria (NAN) in Abuja on Monday that a partnership of that kind could make real estate taxation a major source of revenue for the government. ...

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Should Property Tax Be Fully Implemented In Nigeria?

Property tax

In 2001, the Lagos State Government promulgated the Land Use Charge law in response to the increasing demand for provision of urban and rural infrastructures occasioned by dwindling federal revenue allocations. 14 years later the land use charge law is still not widely accepted. Majority of Lagosians don’t even see the justification or the rationale for its promulgation, a lot ...

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