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Nigeria To Probe Tax Breaks Given To Investors

by Lorys Charalambous, Tax-News.com, Cyprus

31 May 2016


Nigeria's House of Representatives has appointed its Committees on Public Accounts and Finance to review the nation's tax incentives, which are costing the country NGN571bn (USD2.9bn) each year.

Kehinde Odeneye, who sponsored the motion that was accepted by the House, pointed out that, although most tax breaks were originally granted to bring in additional capital and boost economic development and jobs, there is "little evidence that tax incentives have created investments."

The Committees will therefore be tasked with examining whether individual tax incentives have achieved, or are still achieving, their aim of increasing productive investment in Nigeria. They are to recommend the elimination of those that are not, and to ensure that those remaining are properly targeted towards specific economic objectives.

TAGS: tax | investment | business | Niger | Nigeria | tax incentives | foreign direct investment (FDI) | tax breaks | business investment

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