The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced that property rents below N10 million will be exempted from stamp duties under the new tax reform bills currently before the National Assembly.
Speaking in Abuja at the Building and Construction Industry Forum, Oyedele explained that the reforms aim to remove ambiguity and ease the financial burden on everyday Nigerians. The forum was organized by the Council of Registered Builders of Nigeria and the Housing Development Advocacy Network.
According to Oyedele, “If you’re paying rent, which many people do because they don’t own houses, you won’t have to pay stamp duties unless your rent exceeds N10 million.” He added that the policy is not designed to punish wealthier citizens but to ensure that those with greater financial ability contribute more fairly.
Oyedele also disclosed that capital gains tax will now be exempted on the sale of an individual’s primary dwelling house, offering further relief to homeowners.
The announcement is seen as a major boost for Nigeria’s housing sector and a step towards a more equitable tax system.
