REDAN<\/a> is a real estate association to which all corporate companies that have construction (Real Estate) specified in their purposes are required to belong. It is Nigeria’s umbrella organization for real estate development. Membership is obtained by application and payment of the appropriate fee.\u00a0<\/span><\/p>\nFollowing payment and compliance with all the rules of the association, Redan issues a certificate of compliance for the year of payment, following which the construction business will pay an annual subscription fee. A REDAN certificate is required for registration with the Special control unit against money laundering, which every construction business must have.\u00a0<\/span><\/p>\nAlthough most of the above-mentioned taxes and levies, are statutory payments that put construction companies in good standing with the law. Scenarios abound in which many construction companies are not in compliance with most, if not all, of these payments. The ultimate purpose of a construction business is to bid on and execute government contracts. To do so, you must first get a Bureau of Public Procurement (BPP) certificate.\u00a0<\/span><\/p>\nYou must first upload compliance certifications from the above-mentioned agencies to obtain this certificate. A prospective investor undertaking due diligence in Lagos, Nigeria, where Real Estate and Construction businesses sprout up on every street corner, may obtain these compliance certifications. A corporation that complies with these bodies is less likely to be deceptive.<\/span><\/p>\n <\/p>\n
Conclusion<\/b><\/h2>\n The Nigerian construction industry is a huge and vital component of the country’s economy since it offers infrastructure development as well as housing, all of which are necessary for a thriving economy. As such the construction sector is subject to the payment of the following taxes, which vary based on the company’s goal and yearly sales; <\/span>Personal Income Tax (PIT), Company Income Tax (CIT), Value Added Tax, Stamp Charges, and Withholding Tax in addition to other industry deductions.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Are Construction Companies Tax Exempt? This article discusses whether Construction Companies in Nigeria are Tax Exempt and what other levies they have to pay. Like Sunlight, taxation is unavoidable. The construction sector is not excluded, since paying taxes and other levies is a requirement for doing business in the country. The Nigerian construction industry is […]<\/p>\n","protected":false},"author":5,"featured_media":5347,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[26],"tags":[],"yoast_head":"\n
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