As overall tax incentives reach N6 trillion per year, the Federal Government has announced plans to evaluate and scale back tax exemptions granted to businesses doing business in Nigeria.A thorough tax waiver review should be conducted in accordance with the strategy the previous administration had established, according to Mr. Taiwo Oyedele, Chairman of the Presidential Tax Reform Committee, who made the announcement.
He revealed this in Abuja, where Wale Edun, Minister of Finance and Coordinating Minister for the Economy, announced the eight-point agenda that the Bola Tinubu-led administration wants to deploy to change the difficult economic climate.
According to earlier reports, the average annual tax waiver amount was over N5 trillion. Several businesses, including Jigawa Rice Limited, Dangote Sinotrucks West Africa Limited, Lafarge Africa Plc, Honeywell Flour Mills Nigeria Plc, and Stallion Motors Limited, among others, had benefited from tax exemptions due to their pioneer status.
Other companies include African Foundries Limited, Masters Liquefied Gas Limited, Royal Pacific Group Limited, Kunoch Hotels Limited, Princess Medi Clinics Nigeria Limited, and Medlog Logistics Limited.
Some of these businesses and others who have benefited from tax waivers in one way or another may be impacted by the government’s most recent action.
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