 |
| Sanwo-Olu. |
The Lagos State Government has disclosed of her decision to
review the Land Use Charge law of 2018, geared towards the reduction of the
financial pressure on Lagosians relating to land use.
A statement by the Commissioner for Finance, Dr. Rabiu
Olowo, explained that “In 2018, there was an increase in Land Use Charge rate
as well as the method of valuation of properties; this shock had a sporadic
increase in Land Use Charge payable by property owners and “In view of the
aforementioned, the current administration decided to review the Land Use
Charge law by reversing the rate of Land Use Charge to pre-2018 while upholding
the 2018 method of valuation."
Penalties for Land Use Charge for Year 2017,2018 and 2019
have also been waived. This translates to N5,752,168,411.03 potential revenue
waived by the State.
In additional to the re- introduction of the 15% early
payment discount, an additional Covid 19 incentive of 10% will be granted on the
total amount payable. This makes the total discount for early payment 25% if
payment is made before due date.
The penalty for obstruction of officials and damage to
property identification plague has been reduced from N250,000 to N100,000.
The penalty for inciting a person to refuse to pay LUC has
been reduced from N250,000 to N100,000.
The 2020 LUC Law introduced a 10% and 20% special relief
for Vacant properties and Open empty land, respectively.
.jpeg)
0 Comments
DISCLAIMER
The views and opinions expressed on this platform as comments were freely made by each person under his or her own volition or responsibility and were neither suggested nor dictated by the owners of Precious Eze's Blog or any of their contracted staff. So we take no liability whatsoever for such comments.
Please take note!