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Friday, March 16, 2018

Breaking... Ambode Bows to Pressure, Reduces Land Use Charge Rates by 50%

Following extensive deliberations with stakeholders on the new rates payable by property owners under the Lagos State Land Use Charge (LUC) Law, the State Government has announced a major reduction in the rates and as well waived the penalty for late payments across board. 


The State’s Commissioner for Finance, Mr.
Akinyemi Ashade, who disclosed this while addressing a press briefing at the Bagauda Kaltho Press Centre in Alausa on the outcome of dialogue with stakeholders, said the rates payable on commercial properties have been reduced by 50 per cent in response to the demands of the people. 

He said the government has also reduced the charges for owner-occupier with third party including industries and manufacturing concerns by 25 per cent, while tax credits has been given for LUC charges already paid in addition to introduction of instalment payment system. 

Giving a breakdown of the reduction, Ashade said for commercial property owners who were mostly affected by the amended law, a property valued at N20 million for instance which was earlier billed N91,200 would now pay N45,600 per annum as a result of the 50 per cent...

Read the story here: https://lnkd.in/dcAZKmc

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