The Lagos State Government has, Wednesday, revoked the 2018 land use charge.
The Lagos Commissioner, Ministry of Finance, Dr. Rabiu Olowo, made this known at a press briefing in Lagos on Wednesday.
While Olowo said the government reverted to pre-2018 land use charges, he added that the land use charges for 2017, 2018, and 2019 have also been waived.
He explained that in 2018, there was an increase in Land Use Charge rate as well as the method of valuation of properties, this shock had a sporadic increase in Land Use Charge payable by property owners.
In view of the aforementioned, he said the current administration decided to review the Land Use Charge law by reversing the rate of Land Use Charge to pre-2018 while upholding the 2018 method of valuation.
“Penalties for Land Use Charge for Year 2017, 2018 and 2019 have also been waived. This translates to N5,752,168,411.03 potential revenue waived by the state,” says Olowo.
In additional to the re- introduction of the 15% early payment discount, an additional Covid 19 incentive of 10% will be granted on the total amount payable. This makes the total discount for early payment 25% if payment is made before due date.
The penalty, however, for inciting a person to refuse to pay LUC has been reduced from N250,000 to N100,000.
The 2020 LUC Law introduced a 10 per cent and 20 per cent special relief for Vacant properties and Open empty land, respectively.Follow us on social media