Dangote Cement Gets N22.32bn Tax Credit from FIRS
Dangote Cement Plc Wednesday received a tax credit of N22.321 billion from the Federal Inland Revenue Service (FIRS).
The Chairman, FIRS, Mr. Muhammad Nami, who presented the tax certificate to the group in Abuja explained that the tax credit was for the ongoing two federal roads construction.
The roads were identified as Apapa-Oworonshoki-Ojota road in Lagos and the Lokoja-Obajana-Kabba road which connects Kogi and Kwara States.
The FIRS Chairman who was represented by the Coordinating Director, Tax Operations Group, Mr. Femi Oluwaniyi, explained that the tax credit certificate for the Apapa-Oworoshoki-Ojota expressway is valued at N21.6 billion and N721 million for the Lokoja-Obajana-Kabba expressway.
The FIRS boss was quoted saying, “Government came to that reasoning that if we could encourage local investors to do the needful and of course under an agreement with some due monitoring and approvals then some of the monies they would have accrued back to government as taxes, they would have paid.
“It will be in the interest of the government that other investors, business entrepreneurs, companies take advantage of this key initiative such that Nigeria can develop faster than the government would have done alone.
“We are hoping that this arrangement will be taken to another level, we are also believing that this will spur other business players out there to come and take advantage of it.”
The tax credit is a waiver covering the tax Dangote would have paid.
The Chairman, FIRS, Mr. Muhammad Nami, who presented the tax certificate to the group in Abuja explained that the tax credit was for the ongoing two federal roads construction.
The roads were identified as Apapa-Oworonshoki-Ojota road in Lagos and the Lokoja-Obajana-Kabba road which connects Kogi and Kwara States.
The FIRS Chairman who was represented by the Coordinating Director, Tax Operations Group, Mr. Femi Oluwaniyi, explained that the tax credit certificate for the Apapa-Oworoshoki-Ojota expressway is valued at N21.6 billion and N721 million for the Lokoja-Obajana-Kabba expressway.
The FIRS boss was quoted saying, “Government came to that reasoning that if we could encourage local investors to do the needful and of course under an agreement with some due monitoring and approvals then some of the monies they would have accrued back to government as taxes, they would have paid.
“It will be in the interest of the government that other investors, business entrepreneurs, companies take advantage of this key initiative such that Nigeria can develop faster than the government would have done alone.
“We are hoping that this arrangement will be taken to another level, we are also believing that this will spur other business players out there to come and take advantage of it.”
The tax credit is a waiver covering the tax Dangote would have paid.
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