Rather than the succour that the review of the Land Use Charge by the Lagos State Government is expected to bring to taxpayers, stakeholders have expressed divergent views about the development.
While some applaud the government for considering a review of the rates, others have said that it is a mere scratch on the surface of the problem and that the concerns of residents have not been properly addressed.
Stakeholders had criticised the increase in the LUC rates, saying that because of the poor state of the economy, it was capable of crippling businesses and the financial wellbeing of Lagos residents with the attendant multiplier effects.
The Director-General, Nigeria Employers’ Consultative Association, Segun Osinowo, told The PUNCH that the reduction was only based on the invoice value of the charges, which he said were still 600 per cent above the old rates on the average.
The Lagos State Government had on Thursday announced the reduction in the LUC by cutting the commercial rates by 50 per cent; owner-occupier with third party by 25 per cent; and owner-occupier, by 15 per cent; it also waived penalties for late payment across board, gave tax credits for LUC charges already paid and introduced instalment payment system. Read more
