The Nigerian Road Investment Tax Credit Scheme: A Precis of the Incentive

The Scheme in Brief:

Following the October 2017 announcement by the Federal Government of Nigeria (“FGN”) of the Road Infrastructure Tax Relief Scheme for the Private Sector (see our Newsletter), the Nigerian President on Friday, 25 January 2019, signed the Executive Order on the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (the “Order or Scheme”). The Scheme is for a ten (10) year duration that should expire on 24 January 2029.

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A Bird’s Eye View on the FIRS Suspension of Lien on Bank Accounts

About two weeks ago, a good number of corporate and individual business owners got the shock of their lives when most suddenly, they were served notices on their bank accounts. The accounts had been placed on a freeze on the instruction of the Federal Inland Revenue Service (FIRS) due to the lack of regularization of their tax status or some default on their part. Business owners had funds ranging from hundreds of thousands to millions and even billions stuck in their banks!

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