Friday, 16 March 2018

JUST IN: Ambode Listens, Reduces Controversial Land Use Charge

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The Lagos State governor Akinwunmi Ambode has bowed to pressure from Lagos citizens by announcing the reduction of the controversial Land Use Charge.

The governor’s decision to increase the tax rates has been met with fierce criticisms, as well as protests.

Ambode had reviewed the rates upward, charging property solely occupied by the owner for residential purpose at the rate of 0.076 percent per annum; property occupied by the owner and tenant(s) or third parties at 0.256 percent per annum; while investment property fully occupied by tenants or third party(ies) for revenue generation at 0.76 percent per annum.

He has now said there would be 50 percent discount for commercial property owners while owner-occupied properties would have a 25 percent discount.

The state commissioner of finance, Akinyemi Ashade, also made known at a press conference in Alausa, Ikeja, on Thursday, that there would be waiver for late payment and tax credit for those who are prompt in payment.

More details to emerge soon.

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