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Nigeria: National Assembly debates Companies Income Tax Act (Amendment) Bill 2015

On 16 November 2016, the Companies Income Tax Act (Amendment) Bill 2015 passed the second reading in the Senate.

The bill, if passed into law, proposes to provide the following additional tax incentives to companies:

  • Tax holiday increase for companies engaged in the mining of solid minerals and gas utilization (downstream operations) from three years to five years
  • Provision of a 10-year tax holiday for new companies located in areas without government-provided infrastructure
  • Reduction of the distance requirement to qualify for rural investment allowance from 20km to 10km for businesses located in areas without government-provided infrastructure
  • Increase in the rate of rural investment allowance to be claimed on tarred roads from 15%
  • to 20%
  • Repeal the investment tax relief granted for the unavailability of telephone infrastructure
  • Increase in the rate of investment tax relief to be claimed on tarred roads from 15% to 20%
  • <./ul>

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