An Examination of Land-Based Taxation Practice for Land Instrument Registration in Anambra State

Abstract

Instrument registration is the process of registering an instrument with the appropriate local or state government agency. Taxation of instruments is the process of imposing a tax on instruments such as mortgages, deeds, and other documents. Taxation is typically done by the local or state government to generate revenue. It is important to note that taxation may vary by state or jurisdiction. This paper however examined land-based taxation practice for instrument registration on Anambra State. Findings indicated among others that that the land-based taxes levied for instrument registration were direct tax, capital gains tax and stamp duty. The study found out that the law provided that the basis of assessment on capital gains tax, is 10% of chargeable gains and the methods of assessment OGT Discount Method, Indexation Method and Other Method (where OGT Discount Method Indexation Method are not suitable). It noted that land and landed property is an undisputable as well as important base for mobilizing revenue to meeting the needs of the locals which Anambra State Government keyed into for revenue generation.