NIESV asks FG to impose tax on real estate sector

The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has called on the federal government to impose taxes, levies and fees on the real estate sector.
The group, while adding that land-based taxes are good sources of income for the government, also advocated legislation against unoccupied houses in Nigeria.
The association, which argued that a lot of capital is being tied with the unoccupied houses, explained that the law if enacted would ensure that the completed houses are occupied.
NIESV made this position known in a paper delivered by its Faculty of Land Administration and Geographic Information System ( LAGIS) recently at the 25th Conference of Directors of Land in the Federal and State Ministries, Departments and Agencies in Abuja.
“Government can generate income from real estate sector by imposing taxes, levies and fees on its products.
Land-based taxes, levies and fees are good sources of income for government.
There are over 15 different charges in the real estate sector that can be used to generate income.
“Also, real estate can be used as collateral security for loans.
Government can create wealth by acquiring land and developing them into industrial, residential and commercial estates.
“There are too many completed but unoccupied buildings in Nigeria.
A lot of capital is tied down in these structures.
Governments can make a law that will ensure that all completed structures are occupied by users”, the association said.
The paper was entitled: “The imperative of land governance for national economic advancement and sustainable development in Nigeria

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