The Realities of Withholding Tax in Nigerian Real Estate Transactions

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@article{1706093,
      author = {Shuaib, Lawal Kolawole, Ifediora, Christian Osita, Ahmed Loko},
      title = {The Realities of Withholding Tax in Nigerian Real Estate Transactions},
      journal = {Iconic Research And Engineering Journals},
      year = {2024},
      volume = {8},
      number = {1},
      pages = {604-611},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1706093.pdf},
      abstract = {Withholding tax is an important aspect of Nigeria's tax regime, particularly in real estate transactions. This paper deals on the realities of withholding tax (WHT) in Nigeria's real estate sector, exploration of its impact on stakeholders, compliance levels and generation of revenue. The work reveals that WHT has become a crucial cost component in real estate transactions thus, affecting property prices and rental income. However, in spite of its potential to boosting government revenue, its compliance level remained low due to issues such as complexities, ambiguities and challenges in its enforcement. The study discusses the need for reforms, capacity building, monitoring and evaluation, clear polices and stakeholder engagement in order to enhance WHT administration and compliance in Nigeria's real estate market. Through the examination of the practical implications of WHT, this research was dedicated to informed policy decisions, promotion of transparency and fostering a more efficient real estate sector in Nigeria.},
      keywords = {Property, Real Estate, Realities, Taxation and Withholding Tax},
      month = {July},
  }