The Lagos State Governor, Babajide Sanwo-Olu, has announced some incentives for Lagosians, particularly corporate organizations, for the payment of Land Use Charge.
This is as he said that the repeal of 2018 Land Use laws was to further create incentives for more growth in the corporate sector.
He assured that the new Land Use laws had taken care of the controversial provisions of the previous laws and removed ambiguity in the levies paid by companies in Lagos.
Sanwo-Olu disclosed this during an[advanced_iframe src=”//www.tinywebgallery.com/blog/advanced-iframe” width=”100%” height=”600″] event, ‘BOS meets Business,’ which had captains of industry, manufacturers, and members of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in attendance.
Some of the other incentives announced by the governor at the event include the granting of a 3-year waiver on penalty for those that defaulted in the payment of land use charge from 2017 to 2019 as well as a 25% discount for those who make early payment of the land use.
The governor noted that the government took the decision to show that it cared about Lagosians and businesses domiciled in the state especially during this period pandemic with its attendant hardships.
He said: “We are granting a waiver of three years in late payment, which covers 2017, 2018 and 2019. We are also giving 25 per cent special discount on early payment. By this, we have achieved a 48 per cent reduction for businesses in chargeable rates by repealing the 2018 Land Use Laws.
“We are taking these steps to show that we are not being insensitive to the plight of businesses and residents, especially in this period of pandemic that have slowed down activities. We have been doing everything possible to make sure businesses are not choked by taxes.”
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The Governor also disclosed that the dusk-to-dawn curfew imposed in the state by the federal government will be reviewed in response to requests by businesses in the state.
He also acknowledged the negative impact of the ongoing rehabilitation of major bridges and roads in the state on business activities in the state.
Sanwo-Olu assured business owners in the state that his government would continue to introduce more incentives to strengthen its partnership with the private sector even as urged them to see his administration as a real partner in driving growth.
Representatives of corporate organisations at the meeting thanked the Governor for reviewing the Land Use Laws. They, however, urged him to ensure the harmonisation of taxes and levies payable to the Government.
The Deputy President of Lagos Chamber of Commerce and Industry (LCCI), Chief Olawale Cole, in his response appreciated the State Government for the 3-month moratorium given to MSMEs in the payment of Land Use Charge, noting that the incentive would cause more commitment in the sector.
In her own comments, the Commissioner for Commerce, Industry and Corporative, Dr. Lola Akande, noted that Lagos State Government had taken steps since the last meeting with the Organized Private Sector to sustain the momentum of growth.
She said the state recognised that “creating an enabling business environment is the key to job creation, poverty eradication and growth of the State economy,” adding that “Lagos State is positioned to support businesses and industrial sector to maximize their potential for greater contribution to the State’s GDP.”
