Stamp Duty Exempted on Rents Below N10m – Oyedele

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 duty charges. This is part of the new tax reform bills currently under review at the National Assembly.

Speaking in Abuja at the Building and Construction Industry Forum, themed “Nigeria’s Tax Reforms and the Building and Construction Industry: Implications and Opportunities,” Oyedele explained that the reforms were designed to be clear and unambiguous.

“We have made it clear in the reform bills that rents below N10 million will not attract stamp duties. This ensures that ordinary Nigerians who rent homes are not burdened. It’s not about penalizing wealthy individuals; rather, those with greater financial capacity contribute more,” he stated.

He further revealed that the reforms exempt capital gains tax on the sale of residential homes and reduce withholding tax on construction contracts to a maximum of 2%, providing significant relief for the industry.

Executive Director of the Housing Development Advocacy Network, Festus Adebayo, urged the tax committee to incorporate incentives or tax rebates to promote investment in affordable housing. He stressed that developers currently face high costs, which discourage low-cost housing projects.

Similarly, Managing Director of Urban Shelter, Sa’adiya Aliyu-Aminu, emphasized the role of taxation in boosting economic transparency and development. She noted that proper tax systems would lessen Nigeria’s dependence on oil revenues and attract both local and foreign investment into the housing sector.

Chairman of the Council of Registered Builders of Nigeria (CORBON), Samson Opaluwah, said the forum aimed to advance discussions on how the tax reforms could drive growth and expansion in the construction industry.