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NBCC Real Estate Forum discusses Navigating Tax Issues in Nigeria

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Tuesday,  June 13, 2017 7.00pm/Proshare WebTV

Stakeholders in the Real Estate sector in Nigeria converged today at the Nigeria-British Chamber of Commerce, to discuss "Navigating Tax Issues in the Real Estate sector in Nigeria".

In his opening remarks the Deputy President Mr Akin Olawore  of the NBCC representing the President of the Chamber, described the roundtable as a strategic forum that will galvanize efforts towards amicable resolution of tax issues in the Real Estate sector.

Chairman of the NBCC Real Estate Advocacy group Mr. Hakeem Ogunniran asserted that the forum will provide opportunities for experts on the industry, to address tax issues in the country.

Mr Ogunniran said one major aspect of interest in Nigeria, is the development of the Real Estate Investment Trust (REIT) which is vital to developing a viable market.

He said Nairobi, Kenya was rated among the top 20 cities in the 2017 Global Cities Index, because of a robust REIT that has been developed in the country.

Chairman of the event Professor Abiola Sanni in his remarks called on participants in the forum to interrogate the model of property tax, that will best serve the private sector in the country.

Prof Sanni who is also the Chairman of the National Tax Policy Committee believed despite the myriad of tax issues in the country, it was important to take on board the key issues that will transform the landscape of tax policy in the country.

He acknowledged the fact that taxation had a great impact on Local Government, State and Federal Government policy.

Presenting the keynote Mr Moshood Olajide Associate Director, PWC Nigeria listed the following activities as taxable in the Real Estate sector namely; sale/assignment of property, sale of shares, lease, mortgage, joint development, contribution and nature of transaction.

On the Value Added Tax (VAT) Mr Olajide stressed that there was need for clarity on Sales tax or VAT, and the definition of good or service.

He also noted that transfer of interest in Real Estate can trigger Capital Gains Tax. Olajide also described the Stamp Duties Act as one of the most difficult tax legislations to understand, which needs dire reform.

The Roundtable also featured a panel session where stakeholders made contributions and shared perspectives on taxation in the Nigerian Real Estate sector.

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