Workshop on Property Law: Tax and Insurance

Program Overview

Various property laws in Nigeria regulate the process of acquisition, enjoyment and disposal of real properties, and also any interest in land. The property transactions that transfer interest in real property can range from outright sale of a property, lease, and donation of power, charge, assent, and mortgages in Nigeria. Property taxes are untapped sources of revenue to the government which includes rent and transfer of properties. Efforts at deepening revenue effort in this direction will greatly enhance revenue generation of the governments and their abilities to perform their fiscal responsibilities.  

For Whom:

This course designed for professionals who want to develop, finance, manage, buy or sell real estate, and especially: Real Estate Investors and Analysts, Real Estate Developers, Real Estate Managers, Planning and development professionals in real estate businesses, Bankers and Lenders, Mortgage Brokers

Property Owners and Finance Managers and Analysts 

Learning objectives:

At the end of this program, participants will be able to:

· exposed to the provisions of various property laws relating to taxation of properties; 

· identify sources of untapped revenue in property taxation; and

· exposed various court cases and the underlying principles of court decisions. 

Course Outline:

Day 1:  Constitutional Validity of Tax Laws. 

• Land Use Act. 

• Properties –Definitions and Types. 

• Recent developments in administration of property tax 

• Chargeable Assets and Properties  

Day 2: Laws relating to Property Taxation 

- Personal Income Tax 

- Companies Income Tax

- Capital Gains Tax 

- Stamp Duty 

- Consent Fee

- Inheritance and Gift Taxes.

- Tenement Rates

- Land Use Charge

- Planning Rates

- Withholding Tax.

• Estates, Trusts and Settlements

• Probate Process and Payments

• Rental Income 

• Ground Rent. 

Day 3: Property Validation

· Impact of Validation on Property Tax 

· Assets and Properties situated outside Nigeria 

· Disposal of Assets and Properties 

· Computation of Capital Gains on Assets and Properties  

Day 4: Artificial or Fictitious transactions 

· Assets and Properties lost or destroyed 

· Transactions between connected persons 

· Replacement of Assets and Properties 

· Insurance Matters and Company’s Properties 

· Exemptions and Reliefs  

Day 5: Property holding and Property Dealing Businesses 

• Taxation of Construction Businesses 

• Applicability of VAT on Property Transactions 

• Federal Capital Territory Tax Bill

• Stamp Duty 

• Land Use Charge of Lagos State (as an illustration)

• Prospects of Property Taxation in Nigeria 

• Challenges in Property Taxation

• Case studies. 

Training Methodology

Methodology: Lectures, discussions, exercises, case studies, audio-visual aids will be used to reinforce these teachings/learning methods.