FG to suspend tax waiver for firms in remote areas

The Federal Government of Nigeria has proposed suspension of tax relief granted to companies established in locations lacking public infrastructure, who are providing electricity, water and other amenities for themselves.

In the Finance Bill 2022 under consideration by the National Assembly, the government has sought amendments to the Capital Gains Tax Act, among which seeks to end Reconstruction Investment Allowance and Rural Investment Allowance, among others.

The Federal Government is seeking to make amend 34 amendments to 10 existing Acts, namely Capital Gains Tax Act; Companies Income Tax Act; Customs, Excise Tariff, Etc (Consolation) Act; Federal Revenue Service Establishment Act; Personal Income Tax; Petroleum Profits Tax Act; Stamp Duties Act; Value Added Tax Act; Corrupt Practices and Other Related Offences Act; and Public Procurement Act.

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