The Nigerian government has shared how the new Tax Reforms Bill will help make housing more affordable for citizens. According to Taiwo Oyedele, who leads the Presidential Fiscal Policy and Tax Reforms team, the bill will reduce taxes on the building and real estate sectors. He explained this during a construction industry forum in Abuja.
Oyedele said that once the bill becomes law, real estate transactions like buying and selling houses or land will no longer have to pay Value Added Tax (VAT). This change will reduce the overall cost of building and renting homes.
He also mentioned that there will be no VAT on land purchases, home sales, or rent. Rent payments under N10 million a month won’t be charged stamp duties either. In addition, people selling their homes won’t need to pay capital gains tax.
The goal of the Tax Reforms Bill is to support low-income earners and make it easier for more Nigerians to afford decent housing.
