The Nigerian Institution of Estate Surveyors and Valuers will collaborate with the Lagos State Government to ensure that the downward review of the Land Use Charge rates impact positively on the residents of the state.
Olurogba Orimolade, Lagos Branch Chairman of the institution, told the News Agency of Nigeria on Sunday that the collaboration would help to address grey areas in the proposed amendment to the LUC law.
He said it was a welcome development that the state government listened to public outcry concerning the law to effect some deductions.
He, however, said that the institution was studying the reviews before it would come up with its “corporate analysis” on some of the grey areas.
Orimolade added: “Our suggestions would help the state government in its planned amendment.”
He identified valuation as one of the grey areas not properly tackled by the government before unveiling its policy.
He said: “A lot of things that we suggested are things that might possibly require amendment to the law.”
He explained that the institution had assessed charge rates and tax reliefs and how depreciation was captured.
Orimolade said: “As professionals in the building environment, we believe that the depreciation chart being used is not realistic and there are other provisions that we are going to forward to government.”
The chairman said that the institution had earlier constituted a technical committee to look at the LUC law and come up with recommendations on how the law could better impact on the lives of the residents of the state.
He said that the recommendations of that committee would be soon and would be made available to the state government.
Orimolade said that the government held a meeting with members of the institution and other critical stakeholders last week on the reviewed charges.
He said that briefs from the meeting would afford the institution the opportunity to know what positive inputs it should add to the proposed amendment.
NAN reports that the Lagos State Government on Thursday reduced all levies in its new LUC that had attracted public outcry in the state.
The state cut commercial charges by 50 per cent, Owner-occupier with third party and industries and manufacturing concerns rates by 25 per cent.
It also waived penalty for late payments across board and tax credits for LUC charges already paid, and introduced Instalmental Payment System.
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