The Presidential Fiscal Policy and Tax Reforms Committee has debunked rumours that new tax laws will take effect in 2027, imposing a 25% tax on funds meant for building materials and other transactions.
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‎In a statement made available to News men on Sunday, the committee clarified that the Nigeria Tax Act 2025 had already began and contained no provision imposing tax on construction funds, bank balances, or business expenses.
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‎According to the committee, the Act rather introduced measures aimed at lowering housing costs, encouraging real estate development, and supporting small businesses and low-income renters.
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‎It added that key provisions, included a Value Added Tax exemption on land, buildings, and rent, as well as input VAT credits for contractors to reduce construction costs.
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‎The committee, describing the reforms as evidence-based, maintained that the new tax framework was meant to make housing more affordable and increase disposable income, not raise rents or impose additional burdens on citizens.
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‎It further urged citizens to rely on verified provisions of the law rather than misinformation designed to create fear and panic.
Edited by Favour Owonibi.