The Nigerian Institute of Architects (NIA), Lagos State chapter has stressed the need for collective responsibility to meet the Lagos urban development challenges. Chairman of the chapter, David Majekodunmi, said the call became necessary because the government lacks the capacity to do it alone. He stressed that the chapter would be dedicating the 2021 edition of its annual flagship programme, LAF...
Firm predicts 75% growth in short-let occupancy rate Lagos-based real estate firm, Shortlethomes has predicted over 75 percent growth in short-lets occupancy rates this year. The firm observed that the hospitality and travel industry has taken an unprecedented hit in bookings, with monthly decline in sales. According to him, the majority of property owners experienced zero percent occupancy rates...
Brains and Hammers Limited, a real estate company, has commenced the construction of 350 units of four-bedroom terraces as part of measures to reduce Nigeria’s housing deficit. It announced the mass housing project at the ground-breaking ceremony of the 350 housing units located within the 117 hectares Brains and Hammers City in Abuja. The Chairman of the firm, Adebola Sheidu, said the new...
VAT Tax on Rent in Nigeria The Tax Appeal Tribunal (TAT or the Tribunal), on 10 September 2020, in the case between Essay Holdings Limited (Essay or the Company) and the Federal Inland Revenue Service (FIRS), ruled that rent is not subject to Value Added Tax (VAT). Prior to the amendment of the VAT Act by the Finance Act 2019, supply of goods was defined as "any transaction where the whole property in...
Property Tax Definition According to Wikipedia, A property tax or millage rate is an ad valorem tax on the value of a property. In the OECD classification scheme, this includes households recurrent taxes on immovable property and net-wealth, taxes on estate, inheritance and gifts, and taxes on financial and capital transactions. what is property tax in Nigeria? A property solely occupied by the...
