Stakeholders in the housing industry have picked holes in the operations of federal, state and local governments across the country, alleging arbitrary taxes and levies against operators in the sector.
The President, Nigerian-British Chamber of Commerce, Prof. Akinola Olawore, explained that the main issue regarding taxation is more about being sure of the taxes to pay and to which authority.
According to him, Ministries, Departments and Agencies, Local Governments and State authorities look into their laws (old and new) under their regulatory powers and then levy businesses to generate revenue to carry out the function.
“These levies usually have no verifiable basis, demanded anytime in the year without prior budgeting by the businesses.
“All these increase the cost of doing business and the attendant uncertainties. Businesses require certainties for budgeting and any new levy should not be of immediate effect; there must be breaking in, and enlightenment period, to allow businesses plan for such taxes,” he said.
On other challenges facing operators in the industry, he listed access to land, especially the security of title, finance and human resource, especially in the construction sub-sector, as some of the hurdles operators have to scale through.
“The problems assume different dimensions depending on the market segment. All players and stakeholders need to come together to identify solutions to the problems, whether mortgage structure (both primary and secondary), funding developers, funding the wholesale and retail markets, building construction technology and training of artisans and technicians,” he added.
