The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced that stamp duties will be exempted from property rent below N10m, as enshrined in the new tax reform bills currently in the National Assembly.
Oyedele disclosed this in Abuja at the Building and Construction Industry Forum, with the theme “Nigeria’s Tax Reforms and the Building and Construction Industry: Implications and Opportunities”, organised by the Council of Registered Builders of Nigeria and the Housing Development Advocacy Network.
Oyedele said, “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.
“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. It’s not like we are punishing rich people; it’s just that they have a better ability to pay. Then capital gains tax is exempted on the sale of your dwelling house.”
