Civil society organisations have called on the National Assembly to develop laws that will strengthen the real estate market in order to alleviate concerns of double taxation.
They believe a resolution of t these issues will encourage investors in the sector and boost the Nation’s economy.
Apart from oil and gas, the real estate sector is one of the sectors tat can generate the most revenue for the Nigerian economy.
But it is facing challenges of like multiple taxation on property development, which has hindered its growth .
Players in the sector are made to bring out huge sums of money on taxes they are not meant to pay .
Some taxes payable by players include consent fees on the land transaction and land use charge.
In some cases residents pay tax in some of the estates owned by communities or they are expected to pay ground rates to families .
Since they are not Government owned , this may sometimes lead to exploitation of residents.
It is why these Civil Society Organizations in the sector have decided to organize a conference to proffer solutions to these problems .
At a conference, leaders of CSOS and experts in the sector, all agree that; citizens should contribute to paying tax as it is the only way they can ask questions and hold Government accountable.
But they also urged the National Assembly to create enabling environment for the sector to thrive.
The group believes once the right policies are put in place, the Nation’s real estate sector will become one of the best.
