Nigerian Institution of Estate Surveyors and Valuers, Osun state chapter, in its annual mandatory compendium has said it will collaborate with the government in the area of creating revenue through taxes from the real estate sector.
Chairman of the group, Mr Adekunle Adedoye said that landed properties are a vital way of generating revenue but many people do not see its importance as they evade taxes.
“There is no way the government can improve the society, embark on road construction and infrastructural development without adequate tax payment.
Hence we decided that government needs to make use of estate surveyors and valuers to generate revenue internally, he said.
Speaking with press men, resource person and lead Partner at J. O. Omotosho and Associates, a firm of Chartered Surveyors/ Estates Surveyors and Valuers, Mr. Yinka Omotosho FRICS, FNIVS added that multiple taxation in real estate is a lot of burden on investors coming into the state and if taxes are too much they deter investors.
Omotosho, also a Past Chairman, Royal Institution of Chartered Surveyors (RICS), Nigeria Group however called on the government to make available incentives for investors such as tax holidays, reliefs and tax consession which, according to him, will help bring investors to the state.
While the event discussed other legal matters regarding property tax payment in Osun state, it also highlighted practical strategies for solving challenges for professionals in the estate surveying and valuing business.