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In the past the fiscal incentive of tax holiday and cheap electricity attracted entrepreneurs for setting up industries in Gadoon Industrial Estate.
He stressed the need to put pressure on the Federal Inland Revenue Service to raise the tax bar in such a way that N30,000 minimum wage would fall below taxable income, while he also called for tax holidays for some categories of Nigerian workers.
The 'pioneer' status with 'non-pioneer' incentive means that the 1.5-million MT cement production line will have non-pioneer incentives, such as shorter income tax holiday, for the time being.
The minister was addressing this matter due to questions being raised on whether or not the 6 per cent SST should be charged to policy holders during the tax holiday timeframe.
We see this as a loophole since 10 years is way too long," he said.The lobby wants this changed to a graduated system where firms enjoy two-year tax holiday, followed by 75 percent exemption in third and fourth year, and thereafter, a two-year 50 percent exemption.
* Ten-year tax holiday in the case of cattle farming/ranching
Retailers, especially newer or smaller businesses, can easily be overwhelmed trying to comply with the various sales tax holiday rules.
Aside from the five-year income tax holiday, Petron will also enjoy duty-free importation of its capital equipment.
Walker, a Republican, has said his goal for the tax rebate and the sales tax holiday is to provide families with extra cash heading into the new school year.
Those projects will be entitled with fiscal incentives such as three-year tax holiday on business tax and two-year tax holiday on real property tax.
ISLAMABAD -- The government on Thursday deferred a move to give more sweeping tax concessions to the Chinese operators of Gwadar Port and its free zone amid Beijing's reservations that Islamabad was not honouring the promise of 23-year tax holiday for the port in true spirit.