Taraba Sets To Introduce Property Tax

The Taraba State Internal Revenue Service (TIRS) have commence plans to start collections of property tax in the state.

 

Part of the plans is the formation of a committee tasked with developing strategies and recommendations for effective property tax implementation in Taraba State.  

 

At  a  stakeholders meeting themed "An Overview on Property Tax Collection and Stakeholders' Collective Responsibility," in Jalingo the Executive Chairman Taraba State Internal Revenue Service Brig. Gen. Jeremiah Aliyu Faransa (Rtd) announced the introduction of the tax in the state

 

 Brig. Gen. Faransa  charged the stakeholders to support Governor Agbu Kefas to bring development to the state by ensuring that property taxes are duly collected and paid to the state government IGR account. 

 

Gen. Faransa said the State cannot continue to fully depend on the Federal allocation but needs to look into ways of improving its IGR for the benefit of all Tarabans. 

 

He explained that only the TIRS is saddled with the responsibility of collecting revenue for the state and assured that all Revenue collected will be used to bring development to the state. 

 

On her part, the Director Emerging Taxes Department Mrs. Lami Bello in a presentation on property Transactions and Tax Implications explained that Property Tax include Capital Gain Tax, Stamp Duties and Withholding tax. 

 

She explained further that Capital Gain Tax (CGT) is a 10% charge on the gain made on the sale of a property either land or machinery while Stamp Duty is the charge of 1.5% of the value of the property sold or where the property changes ownership and the seal gives document Protection against dispute. 

 

Mrs. Lami added that Withholding Tax on the other hand is the 10% charge on the rent or lease of properties. 

 

The meeting was attended by a diverse group of stakeholders, including His Royal Highness the Kuru Kona, the Galadima Muri, representatives from the Muri Emirate Council, Property Agents and Landlord Association of Nigeria, CITN Jalingo and District Society, ANAN Jalingo and District Society, ICAN Jalingo and District Society, Nigeria Bar Association (NBA), TIRS board members, and management.