The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has revealed that property rentals under N10 million will be exempt from stamp duties under the new tax reform bills currently before the National Assembly.
Speaking in Abuja at the Building and Construction Industry Forum — themed “Nigeria’s Tax Reforms and the Building and Construction Industry: Implications and Opportunities” — Oyedele said the reforms were designed to provide clarity and fairness in tax administration, especially for low- and middle-income earners.
“What we have done in the reform bills is to make them very clear so there is no debate. Also, we have added that there will be a stamp duty exemption for rents that are below N10m,” he said.
He explained that the exemption is targeted at ordinary Nigerians, most of whom rent homes rather than own them.
“So if you’re paying rent, which is what many people will do because they don’t own a house, you won’t have to pay stamp duties unless you’re a rich person who is paying a lot.”
