The Architects Registration Council of Nigeria (ARCON) has urged the Federal Government to consider construction professionals’ scale of fees before the implementation of the new financial regulation.
Its President, Dipo Ajayi, made the plea on Wednesday in Abuja, while inducting 250 newly registered architects and architectural firms.
President Muhammadu Buhari signed the new financial bill into law on Monday. One of the new regulations is the new law is the Value Added Tax (VAT), which has been raised from five per cent to7.5 per cent.
Reacting to the development on the sideline of the induction held within the National Universities Commission (NUC) hall, Ajayi said the new law has positive and negative impacts on architectural practice.
According to him, while the N50 million capital gain would afford more revenue for the starters, taxing an aged scale of fees that has not been reviewed in the last 20 years may put the older professionals at disadvantage.