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FG Unveils New Tax Incentives For Local And Foreign Investors , Employers - Politics - Nairaland

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FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by taharqa: 1:43am On Oct 06, 2012
The Federal Government Thursday disclosed a new regime of tax incentives targeted at supporting local investors in the Nigerian economy as well as to encourage more foreign investment flow into the country.

Minister of Trade and Investment, Mr. Olusegun Aganga, dropped the hint in Lagos at the on-going second edition of the Nigerian International Investment Forum (NIIF) organised by the ministry in collaboration with the Commonwealth Business Council (CBC).
The incentives are coming just as the Group Managing Director/Chief Executive Officer of Access Bank Plc, Mr Aigboje Aig-Imoukhuede, projected that by the end of this year, Nigerian banks would post a total profit to be equivalent to about 10 per cent of the aggregate profit of banks in the European Union.

[b]Explaining the new incentives packaged in the form of tax credits, Aganga said going forward, companies that had invested in the development of infrastructural facilities such as access roads, power plants and water plants in the course of setting up their businesses are now entitled to tax credit of up to 30 per cent of the cost of generating the infrastructure.
Aganga described the initiative as a temporary relief measure [/b]introduced by the federal government to help cushion the debilitating effects of the challenges posed by the lack of infrastructural amenities in the country, which he described as a major setback to the inflow of investments into the country.

Another phase of the tax incentives, according to the minister, which is targeted at employment generation, provides tax reliefs for any employer that hires above 10 staff members.

The minister noted that for any 10 people employed by any company on a particular year, the employer gets tax credit for additional employments with more credits guaranteed if the employees are kept in the organisation further than two years.
“The federal ministry of works is currently working hard on the development of trade related infrastructure with a target time of completion of 2014. But before then we have introduced measures to cushion the effect of infrastructure deficiency one of which provides that any company that has invested in infrastructure will have tax credit of up to 30 per cent of the cost of generating the infrastructure,” he said.


Aganga also noted that the federal government had concluded plans towards fast-tracking the process of company registration in the country to less than 24 hours as has been achieved in Abuja.
He said the first step was to achieve the 24 hours target in Lagos, Kano and Enugu and then ensure that it becomes the norm even when you are registering the company from any other part of the world. He noted that the target for the achievement of the milestone is 2013.

“Investors like MTN took advantage of the opening up of the telecommunications industry in Nigeria while other global players were indecisive. Today those who failed to invest in the sector blame themselves when they see what MTN is making from its Nigerian operation.”

Meanwhile, explaining the comparative trend in profit in Nigeria and Europe, Aig-Imoukhuede, argued that about five years ago when the total profit posted by all European banks was about $60 billion, all the Nigerian banks recorded a combined profit of $386 million.
He, however, noted that in 2011, the figure changed significantly with the combined profit of all Nigerian banks climbing to $1.6 billion compared to an aggregate profit of $52 billion recorded by the European banks.
He said it was safe to project that by the end of 2012 the aggregate profit of all Nigerian banks would easily be up to 10 per cent of the total profit that would be declared by all the European banks.

Aig- Imoukhuede urged investors not to underestimate Nigeria’s economic potential and the profitability of business in the country.
“Nigeria cannot be ignored in the global business and economic scene for four major reasons, which include an extensive market; a rapidly growing economy; a stable political environment and a vibrant media and civil society sector,” he said.

http://www.thisdaylive.com/articles/fg-unveils-new-tax-incentives-for-investors-employers/126920/
Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by taharqa: 1:44am On Oct 06, 2012
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Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by adekennis(m): 10:07am On Oct 06, 2012
Pls Mod stop putting any news that has to do with FG...same old storiessssss angry

1 Like

Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by bestower: 10:07am On Oct 06, 2012
Good thinking.....Good product.time will tell,so soooon.
Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by DonaldGenes(m): 10:20am On Oct 06, 2012
Perhaps it will hepl create jobs as far as there is a lil intax break
Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by FrankC3: 10:22am On Oct 06, 2012
Nigeria is just getting started. The business community understands what this means... Nigeria of tomorrow belongs to those who decide to take advantage of the opening opportunities today.

For me, I am looking critically at Agric product processing...Cassava flour processing support businesses precisely.

2 Likes

Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by mankand(m): 10:28am On Oct 06, 2012
Make the house worth living for the investors first before telling us some bull crap here. Boko Haram doing their best, Kidnappers doing their best, Armed Robbers doing their thing.

To crown it all, Fellow Naira Landers, can you seup a business Afganistan as an Investor?
Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by FrankC3: 10:36am On Oct 06, 2012
mankand: Make the house worth living for the investors first before telling us some bull crap here. Boko Haram doing their best, Kidnappers doing their best, Armed Robbers doing their thing.

To crown it all, Fellow Naira Landers, can you seup a business Afganistan as an Investor?


MTN will disagree with you. So will Etisalat, PZ, Orange Drugs, Alcatel, Huawei, Procter and Gamble, Nigeria Breweries and my humble self. Stop hating your country, stand up and make some money. It is not a crime.

3 Likes

Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by packman: 10:38am On Oct 06, 2012
[size=30pt]SO WAT IS THE NEXT GOSH ALL WE JUST SEE ARE DELUSIONAL REPORT FROM (GEJ) GOVERNMENT

WAT A SHAME [/size]
Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by AZeD1(m): 10:43am On Oct 06, 2012
Good idea. Lets see how it pans out.
Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by ChibuzoIkenna(m): 11:01am On Oct 06, 2012
Aıg @ ıt agaın! Smh for hım. May God hav mercy
Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by jesse8048(m): 11:31am On Oct 06, 2012
mankand: Make the house worth living for the investors first before telling us some bull crap here. Boko Haram doing their best, Kidnappers doing their best, Armed Robbers doing their thing.

To crown it all, Fellow Naira Landers, can you seup a business Afganistan as an Investor?

It surprises me how pple say all manner of ill things about their country. Good move they wil complain bad move they wil shout. No suggestion nor encouragement of any sort. Sometimes I wonder if they even read through the post before commenting.

No offense sir, jus my.........
Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by Zutchy: 11:32am On Oct 06, 2012
Nice initiative,these are the kind of incentives that are actually needed for our industries to grow,nice one Aganga,and if the profit thing about the banks is true,then it means that there is opportunity for a lot of growth in our banking sector,as our economy grows so also will the banking grow with it.
Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by Vogue50: 12:06pm On Oct 06, 2012
This will help to encourage more investors in the sector to enhance the rate of infrastructural development by accessing this incentives packaged in form of tax credits. Most of this infrastructural projects are capital intensive and needs such platform to ensure extensive and rapid development.
Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by Turbocharged: 12:16pm On Oct 06, 2012
mankand: Make the house worth living for the investors first before telling us some bull crap here. Boko Haram doing their best, Kidnappers doing their best, Armed Robbers doing their thing.

To crown it all, Fellow Naira Landers, can you seup a business Afganistan as an Investor?
A lazy man always have bunch of excuses not to work.
Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by Turbocharged: 12:20pm On Oct 06, 2012
jesse8048:

It surprises me how pple say all manner of ill things about their country. Good move they wil complain bad move they wil shout. No suggestion nor encouragement of any sort. Sometimes I wonder if they even read through the post before commenting.

No offense sir, jus my.........
Never bother ur good self about them.
Greatness or success is not made for everybody.
Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by Nobody: 12:42pm On Oct 06, 2012
Lemme digress alikkle

Aganga has been going about his duty with little or no noise. This is the epitome of professoionalism and hardwork. . .not square pegs in round holes

Good on him
Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by kutchs: 12:42pm On Oct 06, 2012
packman: [size=30pt]SO WAT IS THE NEXT GOSH ALL WE JUST SEE ARE DELUSIONAL REPORT FROM (GEJ) GOVERNMENT

WAT A SHAME [/size]
While so many are taking advantage of business opportunities offer by the transformation agenda of GEJ govt people like u are here hating and complaining. The next thing we hear 4rm u is how GEJ caused ur failure. WHAT A SHAME.
Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by Areaboy2(m): 12:46pm On Oct 06, 2012
packman: [size=30pt]SO WAT IS THE NEXT GOSH ALL WE JUST SEE ARE DELUSIONAL REPORT FROM (GEJ) GOVERNMENT

WAT A SHAME [/size]

Click like here to dislike this post undecided

4 Likes

Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by onatisi(m): 12:54pm On Oct 06, 2012
packman: [size=30pt]SO WAT IS THE NEXT GOSH ALL WE JUST SEE ARE DELUSIONAL REPORT FROM (GEJ) GOVERNMENT

WAT A SHAME [/size]
shame on who?it is definitely on you ,keep complaining on nl and waste ur life away while other keep making money and progress in life ,the same situation u are complaining about is the same enviroment seun of this nl is and he is thanking God.waste all ur time abusing gej who is already a success while failure dominates urs

1 Like

Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by JoeMosco(m): 1:36pm On Oct 06, 2012
Nice move.... Hope it will be sustained and monitored to avoid creating an opportunity for tax avoidance.
Re: FG Unveils New Tax Incentives For Local And Foreign Investors , Employers by Nobody: 3:40pm On Oct 06, 2012
Wonderful incentive, very appreciable. Tax Breaks for Employers with more than 10 people on the Payroll. 30% Refund on logistics cost. Wonderful, wonderful.

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