Lagos State government has reduced the controversial land use charge that has stirred the anger of property owners the state, this was made known at an inter ministerial press briefing on Thursday.
Correspondent, Adedoja Salam-Adeniyi reports that the fallout of the revised Land Use Charge Law 2018 and its implementation attracted the 15 member Lagos executive council at the briefing.
It came after several meetings and dialogue sessions with stakeholders, including the Organised Private Sector, Nigeria Bar Association, Real estate investors & developers, Landlord & Resident Associations, Civil Society Organisations, Lagos Chamber of Commerce and Industries among others.
Their interactions formed the subject of extensive deliberations at the meeting of the Lagos State Executive Council on Wednesday, March 14th, chaired by Governor Akinwunmi Ambode himself.
Commissioner for Finance, Akinyemi Ashade who outlined the reduction in levies, also said the penalty regime for late payment of LUC has been waived completely.
The Lagos State House of Assembly will have to also review and pass the following regulations:
a)The Regulation for review of applicable rates and regime of reliefs on Categories of Properties pursuant to LUC Law.
b) The Regulation for a framework for self-assessment.
Consequently, as a result of these new measures, those who had paid the original amount will be awarded tax credits to the extent of the excess amount paid and carried over.