Politics
Federal Government Grants Three-Year Tax Break To 34 Companies In 2023
Federal Government Grants Three-Year Tax Break To 34 Companies In 2023
The Nigerian Investment Promotion Commission announced on Friday that it has sanctioned tax holidays for 34 companies pursuing tax incentives and waivers under the Industrial Development Income Tax Act in 2023. The Head of incentives administration, Lovina Kayode, disclosed this during an end-of-the-year press briefing in Abuja……CONTINUE READING
Tax incentives, a contentious issue due to the significant revenue loss from annual waivers, are aimed at attracting foreign investments into the country. Earlier in September, the Federal Government revealed that companies operating in Nigeria receive tax incentives totaling N6tn annually. Mr. Taiwo Oyedele, Chairman of the Presidential Tax Reform Committee, stated that a comprehensive review to reduce tax waivers would be implemented.
Reports indicated an average annual tax waiver figure of about N5tn, benefiting companies such as Dangote Sinotrucks West Africa Limited, Lafarge Africa Plc, Honeywell Flour Mills Nigeria Plc, Jigawa Rice Limited, and Stallion Motors Limited. However, Lovina clarified at the press briefing that not all companies receive tax breaks due to stringent procedures followed by the commission in awarding waivers.
She emphasized the pioneer status incentive, a three-year corporate income tax exemption to encourage investments. Lovina highlighted the commission’s commitment to ensuring incentives go to deserving companies and dispelled concerns about excessive waivers, stating that the tax expenditure from pioneer status incentives is relatively small compared to the country’s gains.
Looking ahead, the NIPC plans to publish impact reports on the effectiveness of the pioneer status incentive in terms of job creation and economic activities to promote investments. Aisha Rimi, the commission’s Executive Secretary, reiterated the commitment to facilitating and assisting investors in the coming year, acknowledging the need to compete intentionally with other countries to attract and support investors.
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