The Nigerian Investment Promotion Commission (NIPC) in collaboration with the Federal Inland Revenue Service (FIRS), on November 3, 2017, jointly launched the first edition of the Compendium of Investment Incentives in Nigeria (the "Compendium") which showcases all relevant and existing Nigerian tax laws to further promote the ease of doing business in the country.
The Compendium was published pursuant to the provisions of Section 4(i) of the NIPC Act, which requires the NIPC to "provide and disseminate up-to-date information on all incentives available to investors in the country."
The first edition which is based on the 2016 Fiscal Policy, covers 5 sectors; Agriculture / Agro-Allied, Solid Minerals, Manufacturing, Tourism/ Hospitality and Oil & Gas. It is aimed at raising awareness of investments incentives in Nigeria, the relevant administering agencies and to serve as a useful guide in making investment decisions. The overall objective of the Compendium is to promote new and incremental investments in Nigeria.
This first edition of the Compendium highlights the following:
- Investment policies and protections;
- General tax based incentives;
- Sector specific incentives;
- Tariff based incentives;
- Export incentives;
- Special economic zones incentives; and
- Contact addresses of relevant government agencies.
Every business in Nigeria will find the Compendium very useful in claiming applicable incentives and making strategic management investment decisions. Although this first edition of the Compendium does not cover all the fiscal incentives inherent in the laws of Nigeria, it is expected that subsequent editions will cater to the comprehensive listing of all the fiscal incentives and concessions.
You may view or download a copy of the Compendium HERE.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.