On Friday, the Nigerian Investment Promotion Commission announced its approval of tax holidays for 34 companies seeking incentives and waivers under the Industrial Development Income Tax Act in 2023.
Lovina Kayode, Head of Incentives Administration, revealed this during an end-of-the-year press briefing in Abuja, emphasizing that these tax incentives aim to attract foreign investments.
Despite concerns about revenue loss, the commission follows stringent procedures to ensure deserving companies receive these incentives.
The commission plans to publish impact reports next year, assessing the effectiveness of the incentives in terms of job creation and economic activities.
Aisha Rimi, the commission’s Executive Secretary, reiterated their commitment to supporting and facilitating investors in the coming year.
