₦airaland Forum

“Don’t wait to buy real estate. Buy real estate and wait.” - Will Rogers, actor

“Buy on the fringe and wait. Buy land near a growing city! Buy real estate when other people want to sell. Hold what you buy!” - John Jacob Astor, real estate and business mogul

“Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. The wise young man or wage earner of today invests his money in real estate.” - Andrew Carnegie, billionaire industrialist



Look Forward to Homes of the Future
@ Cedarwood Luxury Bungalows

On the news headlines this morning is the highly thrilling news that the Lekki Sea Port with four times the berthing capacity of the Apapa Port, will commence operations in 2023. More thrilling is the news that the project will provide about 200,000 new jobs.

200,000 jobs is almost equivalent to 200,000 families, and translates into the need for at least 200,000 new homes.

At Cedarwood Luxury Bungalows, we are working to build hundreds of future homes to meet this need. Do you see yourself tapping into the huge rental income market in the Free Trade Zone axis?

Then, Cedarwood Luxury Bungalows is your perfect investment plug. Don’t dull on this. N1m deposit for starts. Call Victor Eze on 08158961762 or 08092724970 for more inquiry and site inspection.

“Buy on the fringe and wait. Buy land near a growing city! Buy real estate when other people want to sell. Hold what you buy!” - John Jacob Astor, real estate and business mogul

Edward Hopper

Hopper’s enigmatic paintings look into the hollow core of the American experience—the alienation and loneliness that represents the flip side of to our religious devotion to individualism and the pursuit of often-elusive happiness.

“Buy on the fringe and wait. Buy land near a growing city! Buy real estate when other people want to sell. Hold what you buy!” - John Jacob Astor, real estate and business mogul

“Buy on the fringe and wait. Buy land near a growing city! Buy real estate when other people want to sell. Hold what you buy!” - John Jacob Astor, real estate and business mogul

..

“Buy on the fringe and wait. Buy land near a growing city! Buy real estate when other people want to sell. Hold what you buy!” - John Jacob Astor, real estate and business mogul

“Buy on the fringe and wait. Buy land near a growing city! Buy real estate when other people want to sell. Hold what you buy!” - John Jacob Astor, real estate and business mogul

“Buy on the fringe and wait. Buy land near a growing city! Buy real estate when other people want to sell. Hold what you buy!” - John Jacob Astor, real estate and business mogul

“Buy on the fringe and wait. Buy land near a growing city! Buy real estate when other people want to sell. Hold what you buy!” - John Jacob Astor, real estate and business mogul

“Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. The wise young man or wage earner of today invests his money in real estate.” - Andrew Carnegie, billionaire industrialist

Why choose us?
With a combination of architectural finesse and structural expertise, choosing to own a home in Cedarwood Luxury Apartments & Terraces is your golden opportunity. Our apartments and terraces will boast functional spaces, state of the art amenities and several other features that make living enjoyable.

About Cedarwood Luxury Apartments & Terraces
Cedarwood Luxury Apartments & Terraces is a prime real estate project engineered to make the home ownership dream of Nigerians at home and in the diaspora a seamless reality.

With an array of aesthetically designed, luxurious and functional 1bed & 2bed apartments and 3bed terrace + BQ to choose from, owning YOUR home has been made very easy.

SOLO APARTMENT (1 BEDROOM)
Location: INSIDE AJAYI APATA NEW TOWN, BESIDE FARA PARK, KM 35 LEKKI-EPE EXPRESS WAY, SANGOTEDO, ETI-OSA LGA.

Topography: IT’S COMPLETELY DRY LAND.

Title: CERTIFICATE OF OCCUPANCY.

Features: TIGHT SECURITY, CONSTRUCTED DRAINAGES, TARRED ROAD, ELECTRICITY, BUILT UP ENVIRONMENT & lots more.

What to expect: BEAUTIFUL, LUXURY , FUNCTIONAL APARTMENTS & TERRACES.

Very AFFORDABLE!!!

This is a lovely apartment comes with

– 1 Living Room
– 1 Bathroom
– 1 Toilet
– 1 Kitchen
– Parking Spaces
– Green Area

PAYMENT PLAN
0-6MONTHS: N12,400,000 (N2M Initial deposit then N2,080,000 for 5 months)

12 MONTHS: N13,020,000 (N2M Initial deposit then N1,001,819 for 11 months)

18 MONTHS: N13,640,000 (N2M Initial deposit then N684,706 for 17 months)

24 MONTHS: N14,880,000 (N2M Initial deposit then N560,000 for 23 months)

Call Victor Eze on 08158961762 or 08092724970 for more inquiry and site inspection.

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“Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.”
-Theodore Roosevelt

30. Szechenyi Chain Bridge

Budapest, Hungary

English engineer William Tierney Clark gave Budapest something to boast about when the Szechenyi Chain Bridge opened across the Danube in 1849. The suspension bridge impressed with cast iron and stone, one of the longest when it opened. While it suffered near total destruction at the hands of the German army in 1945, the towers of the bridge remained, allowing for reconstruction in 1949.

Our competitive advantage is derived from our track record of prompt and efficient service delivery coupled with integrity, excellence and professionalism in dealing with all our clientele.

Our competitive advantage is derived from our track record of prompt and efficient service delivery coupled with integrity, excellence and professionalism in dealing with all our clientele.

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10. National Museum, Benin City

The National Museum, Benin contains priceless relics from the ancient Benin Kingdom and others from elsewhere in Nigeria. Though it was officially opened to the public in 1973, it was originally established by the Oba of Benin much earlier in a bid to preserve Benin’s rich cultural history. Chief Jacob Eghareva served as the first curator of the museum.

9. First Presbyterian Church, Calabar

Calabar being a vital geographic point due to its proximity to the sea, attracted attention from foreigners especially European missionaries and colonialists. The first Presbyterian Church in Nigeria was founded by Rev. Hope Masterson Waddell as early as 1846 and has endured as a lasting legacy of missionary work in Nigeria.

8.Sungbo Eredo, Ogun

Similar to the ancient city walls of Kano, Sungbo Eredo was a defensive structure located about an hour away from Lagos in Ijebu Ode, Ogun State. This little known fortification is said to date back to the 10th century, and hints at the existence of a highly organised civilisation in the area much earlier than previously reported. Legend has it that Eredo, a wealthy and childless widow who desired to be remembered after her death, built the walls.

7. Ancient Kano City Walls

Unlike the Gobirau Minaret in Katsina, the city walls of ancient Kano served solely as a defensive structure – to protect the inhabitants of the city against sieges and external attacks. Sakri Gijimasu, the 3rd Emir of Kano laid its foundations in the 11th century (1095 AD), while the walls are recorded to have been completed sometime in the 14th century.

6. Oba of Benin Palace, Edo

Listed as a UNESCO Heritage Site in 1999, this ancient building was first constructed around the 13th century by Oba Ewedo of Benin and later rebuilt by his successor, Oba Eweka II in the 20th. This landmark site is among the enduring legacies of one of the most powerful empires in West Africa.

5. Ancient Nok Settlement, Kaduna

This tiny settlement is the site of the famous Nok terracotta findings of the early 20th century. It is situated in Jaba Local Government in the southern crook of Kaduna State, and is generally regarded as the site of Africa’s first civilisation. It also has breath taking mountains and a museum housing unique terracotta artefacts.

4. Gobirau Minaret, Katsina

A visit to the centre of Katsina State in Nigeria reveals this strategically placed historical monument and landmark. This ancient yet imposing structure is the Gobirau Minaret, which is reportedly about 7 centuries old. Some historical accounts state that it was built during the reign of Sarkin Muhammadu Korau (1348-1408 AD), the first Muslim king of Katsina while others contest that it was much later. The Gobiran Minaret is a 50ft minaret originally used in calling Muslim faithfuls for prayers but due to its vantage placement, it also served as a look-out point for approaching enemies.

3. First Storey Building In Nigeria, Badagry

Widely reputed to be the first storey building erected by foreigners in Nigeria, this edifice was once used as a primary school by the Methodist Church. Its foundations were laid by the famous missionary Henry Townsend in 1842 and completed in 1845 by Rev. Bernard Freeman and other notable missionaries. This historic building would later house the first African C.M.S (Church Missionary Society) bishop, Samuel Ajayi Crowther who translated the Bible from English to Yoruba

2. National War Museum, Abia
This museum, which houses relics of past wars, especially the Nigerian civil war, is an offshoot of various attempts to promote reconciliation and at the same time preserve history. It is located at Ebite Amafor in Isingwu autonomous community in Umuahia Local Government. Its location is in the exact place the famous ‘Voice of Biafra’ radio was transmitting from during the civil war. For those seeking a healthy dose of Nigerian civil war history, this site is an excellent choice.

The histories of world nations aren’t always written but also lay bare in buildings, for the senses to feel and the eyes to soak in their peculiar sights. Nigeria, a nation indisputably rich in culture has no shortage of historical buildings and landmarks some of which have made the list of UNESCO World Heritage Sites.

Here’s a look at some of them.

1.Mary Slessor House, Calabar
Built in the late 19th century, this modest-looking domicile with its thatched roof and ascetic façade once housed the iconic Scottish missionary best known for stopping the killing of twins in Calabar. Rather than choose to dwell among her colleagues in the missionary quarters, Mary Mitchell Slessor opted to live among the Calabar people. The outcome of that brave decision is the Mary Slessor House in Ekenge, Calabar, which stands till today as a testament to her selfless service and courage.

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Tax Administration
Taxation in Nigeria is the three major tiers of government. Each tier of government is saddled with the responsibility of collecting different taxes.

The Federal Government collects taxes through the Federal Board of Inland Revenue; the agency administers Revenue laws that deal with taxes paid by the residents of the Federal Capital Territory and taxes that are paid by corporate bodies (Limited Liability Companies). They are responsible for accounting to the Federal Government for all taxes collected.


The State Governments collect taxes through the State Board of Internal Revenue; the agency primarily administers the Personal Income Tax Act, and however, some states of the federation have instituted additional revenue statutes, which they administer. They are responsible for accounting to the State Government for all revenue collected.


The Local Government collects taxes through the Local Government Revenue Committee; they are responsible for the assessment and collection of all taxes, fines and rates under its jurisdiction and account for all revenue collected to the chairman of the Local Government.

System of Tax

1. Proportional Tax: This is the system of taxation where the marginal rate of tax remains constant as income increases or decreases. It takes the same percentage of taxpayers’ income any level of income. Examples include Petroleum Profit Tax (85%), Capital Gains Tax (10%), etc

2. Progressive Tax: This is the system of taxation where the marginal rate of tax increases as income increases. It takes a larger percentage of taxpayers’ income as income increases. Example includes Personal Income Tax.

3. Regressive Tax: This the system of taxation where the marginal rate of tax decreases as income increases. It takes a smaller percentage of taxpayers’ income as income increases. Example includes Consumption/Expenditure Taxes like Value Added Tax (VAT), Poll Tax which is levied at a fixed rate per person regardless of income, and Toll Duty.

TAX TYPES

Personal Income Tax
Tax is imposed on individuals who are either in employment or are running their own small businesses, under a business name or partnership.

Though collection of Personal Income Tax is a federal responsibility, this tax is generally collected by state governments from those that are resident in their various states, regardless of whether they are federal, state, local government, or private sector workers. The Federal Inland Revenue Service, also collects this tax but only from residents of the Federal Capital Territory as well as what may be described as highly mobile federal worker; staff of the Ministry of Foreign Affairs, other Nigerians and foreigners outside the country but earning income in Nigeria (non-residents), expatriate workers resident in Nigeria, Police Officers, and Military Officers. Civilians working in Police and Military formations, however, pay to their respective States of residence.

The current law guiding the taxation of personal incomes is the Personal Income Tax Act (Cap P8 LFN 2004). Under the law, Federal and States’ tax boards are empowered to identify persons living in or earning income from Nigeria who are required to pay tax, and to assess incomes and tax their incomes using specified guidelines and rules. This law also guides the tax official in identifying the residence of potential taxpayers, as well as the sources and origins of their incomes for the purpose of taxing the income.

There are two types of Personal Income Tax:
01.
Pay-As-You-Earn (PAYE) i.e. taxes from employment
PAYE is an acronym for “Pay as You Earn”. It is a method of collecting personal income tax from employees’ salaries and wages through deduction at source by an employer as provided by the relevant sections of the Personal Income Tax Act (PITA). (S.81 of Personal Income Tax Act Cap P8 LFN 2011).

02.
Taxes from self employed persons (Direct Assessment)
Direct Assessment is an assessment raised directly on self-employed persons (eg. Professionals, Contractors, Traders, Landlords etc).
The self employed person will without notice or demand, file a return of income earned in the preceding year using Tax Form A.

Capital Gains Tax (Individuals only)
It is a tax on the profit made from the sale or exchange of capital assets like land shares, machinery.

Stamp duties
It is a tax imposed on legal instruments/documents executed by individuals, this tax is usually placed on the transfer of homes, buildings, copyrights, land, patents and securities.

Business Premises levy
It is a tax on property used for the production of income including rental houses, office buildings, factories etc. Business premises amounts to N10,000 for registration and then N5,000 for renewal in subsequent years for urban areas and N2,000 / N1,000 respectively in rural areas.

Capital Gains Tax (Individuals only)
It is a tax on the profit made from the sale or exchange of capital assets like land shares, machinery.

Hotel occupancy and Restaurant Consumption Tax:
It is a tax imposed on goods and services consumed in hotels, bars, restaurants and event centres within Lagos State. This tax is payable by the consumers who purchase these goods and services. The hotels, bars, restaurants and event centres serve as collecting agents for LIRS.

Withholding Taxes:
It is the specified amount deducted at source from payment accruing or made to individuals or corporate entities in respect of income receivable for service(s) rendered or from investment and remittance of same to the Relevant Tax Authority in line with the provisions of Personal Income Tax (PITA) and Companies Income Tax Acts (CITA).

Tax Collection has been classified below under the 3 main tax collection bodies:

TAXES COLLECTED BY STATE GOVERNMENT

Personal Income Tax in respect of individuals resident in the State
(a)Pay-As-You-Earn(PAYE) (b)Direct Taxation(Self-Assessment)
Withholding Tax (Individuals Only)
Capital Gains Tax (Individuals Only)
Stamp Duties on instrument executed by individuals
Pools Betting, Lotteries Gaming and Casino Taxes
Road Taxes
Business premises registration fee in respect of urban and rural areas which includes registration fees and per annum for the renewals as fixed by each state
Development Levy (individuals only) not more than 100 per annum on all taxable individuals
Naming of street registration fees in the State Capital
Right of Occupancy fees on lands owned by the State Government in urban areas of the State
Market Taxes and Levies where State finance is involved
Land use Charge, where applicable
Entertainment Tax, where applicable
Environmental (Ecological) fee or levy
Mining, milling and quarrying fee, where applicable
Hotel, Restaurant or Event Centre Consumption Tax, where applicable
Animal Trade Tax, where applicable
Produce Sales Tax, where applicable
Slaughter or Abattoir fees, where applicable
Infrastructure Maintenance Charge or levy, where applicable
Fire Service Charge
Property Tax, where applicable
Economic Development Levy, where applicable
Social Services Contribution Levy, where applicable
Signage and Mobile Advertisement, jointly collected by the State and Local Government

TAXES AND LEVIES TO BE COLLECTED BY LOCAL GOVERNMENT

Shops and Kiosks rates
Tenement rates
On and Off Liquor License fees
Slaughter slab fees
Marriage, birth and death registration fees
Naming of street registration fees, excluding any street in the State Capital
Right of Occupancy fees on lands in the rural areas, excluding those collectible by the Federal and State Governments.
Markets taxes and levies excluding any market where State finance is involved
Motor park levies
Domestic animal license fees
Bicycle, truck canoe wheelbarrow and cart fees, other than a mechanically propelled truck
Cattle tax payable by cattle farmers only
Merriment and road closure
Radio and television license fees (other than radio and television transmitter)
Vehicle radio license
Wrong parking charges
Public convenience, sewage and refuse disposal fees.
Customary burial grounds permit fees
Religious places establishment permit fees.
Signboard and Advertisement permit fees.
Wharf Landing Charge, where applicable

TAXES COLLECTED BY FEDERAL GOVERNMENT
Companies Income Tax
Withholding Tax on companies and residents of the Federal Capital Territory and non-resident individuals
Petroleum Profit Tax
Value Added Tax
Education Tax
Capital Gains Tax on the residents of the Federal Capital Territory, bodies corporate and non-resident individuals
Stamp Duties on bodies corporate and residents of the Federal Capital Territory
Personal Income Tax in respect of: (a)Members of the Armed Forces of the Federation (b)Members of the Nigerian Police Force (c)Residents of the Federal Capital Territory (d)Staff of the Ministry of Foreign Affairs and non-resident individuals
National Information Technology Development Levy