Bill Tracker

HB. 1369 Industrial Development (Income Tax Relief) Act (Amendment) Bill, 2018

HB. 1369 This Bill may be cited as the Industrial Development (Income Tax Relief) Act (Amendment) Bill, 2018;, EXPLANATORY MEMORANDUM;, This Bill seeks to increase the capital expenditure for companies applying for pioneer status under the provisions of this Bill from of N50,000 to N100,000,000 for indigenous controlled companies and from N150,000 as stipulated in the Principal Act for other companies to N120,000,000. The application fee of "N100 is also increased to N200,000 to reflect value of the Naira and recent administrative changes introduced by the Council. The Bill further recognizes the need to provide the necessary incentives for additional investments by companies. Fundamentally all proposed amendment is meant to ensure smooth implementation of the Pioneer status Incentive scheme by the NIPC.