The National Assembly has been urged to legislate on double taxation in the real estate industry.
The chief executive officer of Sim and Llyod Limited, Ajayi Franklin, made the call at the International Real Estate Conference 2022, with the theme: The place of technology, finance, government policies and the environment in the housing provision in today’s Africa.
Franklin said the double taxation in the real estate industry was very frustrating in the industry, and there was need for the government to tackle the issue headlong and find a lasting solution to it.
“When you know that you have to pay countless taxes and levels as they are defined, out of the little you make from your investment as a businessman, because most business people invest in real estate.
“Double taxation affects the industry negatively and discourages investors in the sector. We believe that the government and the National Assembly have to do legislation, if the proper legislation is in place, that could be addressed,” he said.
He said the just concluded real estate conference provided an avenue to unearth the various opportunities that abound in the sector.
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