In January the Lagos State House of Assembly on Monday, March 5, 2018, passed the Land Use Charge into law to further enhance the economy of the state.
The bill was also sent to the Lagos state Governor for assent by the Clerk of the House, Mr Azeez Sanni, according to reports.
Speaking on the Land Use Charge during the Lagos State means Business forum which held on Tuesday, March 6, 2018, Ambode said that the “revised Land Use Charge Law requires owner-occupiers to pay just 0.076 per cent, pensioners, churches, mosques, non-governmental organisations and government institutions are exempted from payment.”
"The law was made in 2001. It provides that every five years, we should review it and also find a way to increase. 15 years after in 2017, the law has never been reviewed.
“Now, the question is this; those who are having commercial properties, the rental income they were getting in 2002 as against the rental income they are getting in 2017, is it the same?
“The level of infrastructure that existed in 2002 as against what has happened in the last 15 years, are they the same? Did it not come at a cost?
“So, why is the market value of the property that you built with one million naira, 15 years after, you are selling at N20million.
“Why do you think somebody who is a buyer will pay N20million for it? Is it not because of the facilities around the property? So, we have to sacrifice; that is how it works everywhere,” the Governor added.
The Land Use Charge hasn't come without controversy especially with the inclusion of the Alpha Beta company in the law.
While the debate rages on social media about the Land Use Charge, here are 7 things to know about it.
Here are the 7 things you need to know about the Land Use Charge
1. The law that supports the Land Use Charge was enacted in 2001.
2. The Lagos State Land Use Charge (LUC) is a consolidation of all property and land based rates and charges payable under Lands Rates, Neighbourhood Improvement Charge and Tenement Rates Laws of Lagos State.
3. It was designed to help the government generate additional revenue needed to develop the state in the light of increasing demand for provision of urban and rural infrastructure and other expenditure.
4. Properties that are exempted from the operation of the law are government-owned properties, and other properties used for public, religious and charitable activities.
5. The exemption will be approved only if an application for exemption is made to the Lagos State Commissioner of Finance.
6. The Land Use Charge is an annual tax which is payable from the first day of every new year.
7. Refuses or neglects to comply with any provision of this Law when required to do so by the Property Identification Officer or an Assessor, commits an offence and shall be liable on summary conviction to a maximum fine of two hundred and fifty thousand Naira only (₦250,000) or to a maximum term of imprisonment for a period of three (3) months or both.
Lagos offer extends Land Use Charge promo till April
The Lagos State Government recently announced that it has extended the period for tax payers to enjoy discount of 15 per cent on Land Use Charge (LUC) demand notices for 2018 to April 14, 2018.
The State Commissioner for Finance, Mr Akinyemi Ashade, said at a news conference in Lagos that this was applicable to payments made within 15 days of receipt of demand notice.
The Law, which was reviewed by the Lagos State House of Assembly and signed into Law by Governor Ambode on Feb. 8 was a merger of all Property and Land Based Rates and Charges in the state.
Source: Pulse.ng
Speaking on the Land Use Charge during the Lagos State means Business forum which held on Tuesday, March 6, 2018, Ambode said that the “revised Land Use Charge Law requires owner-occupiers to pay just 0.076 per cent, pensioners, churches, mosques, non-governmental organisations and government institutions are exempted from payment.”
"The law was made in 2001. It provides that every five years, we should review it and also find a way to increase. 15 years after in 2017, the law has never been reviewed.
“Now, the question is this; those who are having commercial properties, the rental income they were getting in 2002 as against the rental income they are getting in 2017, is it the same?
“The level of infrastructure that existed in 2002 as against what has happened in the last 15 years, are they the same? Did it not come at a cost?
“So, why is the market value of the property that you built with one million naira, 15 years after, you are selling at N20million.
“Why do you think somebody who is a buyer will pay N20million for it? Is it not because of the facilities around the property? So, we have to sacrifice; that is how it works everywhere,” the Governor added.
The Land Use Charge hasn't come without controversy especially with the inclusion of the Alpha Beta company in the law.
While the debate rages on social media about the Land Use Charge, here are 7 things to know about it.
Here are the 7 things you need to know about the Land Use Charge
1. The law that supports the Land Use Charge was enacted in 2001.
2. The Lagos State Land Use Charge (LUC) is a consolidation of all property and land based rates and charges payable under Lands Rates, Neighbourhood Improvement Charge and Tenement Rates Laws of Lagos State.
3. It was designed to help the government generate additional revenue needed to develop the state in the light of increasing demand for provision of urban and rural infrastructure and other expenditure.
4. Properties that are exempted from the operation of the law are government-owned properties, and other properties used for public, religious and charitable activities.
5. The exemption will be approved only if an application for exemption is made to the Lagos State Commissioner of Finance.
6. The Land Use Charge is an annual tax which is payable from the first day of every new year.
7. Refuses or neglects to comply with any provision of this Law when required to do so by the Property Identification Officer or an Assessor, commits an offence and shall be liable on summary conviction to a maximum fine of two hundred and fifty thousand Naira only (₦250,000) or to a maximum term of imprisonment for a period of three (3) months or both.
Lagos offer extends Land Use Charge promo till April
The Lagos State Government recently announced that it has extended the period for tax payers to enjoy discount of 15 per cent on Land Use Charge (LUC) demand notices for 2018 to April 14, 2018.
The State Commissioner for Finance, Mr Akinyemi Ashade, said at a news conference in Lagos that this was applicable to payments made within 15 days of receipt of demand notice.
The Law, which was reviewed by the Lagos State House of Assembly and signed into Law by Governor Ambode on Feb. 8 was a merger of all Property and Land Based Rates and Charges in the state.
Source: Pulse.ng
Comments
Post a Comment
Lasgidi Online readers are solely responsible for their comments, Their comments does not represent the views of the admin.
We have a comment policy, if we find your comment insultive and not good for others to read, we will be forced to remove it.
Thanks.....keep commenting, we love them.