12 September 2018

Nigeria: Govt Woos Investors to Telecoms Sector With 30% Cut in Company Income Tax

Investors coming into Nigeria, especially the telecommunications sector, have been guaranteed a 30 per cent cut in company income tax payment payable to the government.

Besides, there will be relaxation of monetary and fiscal policies; access to foreign exchange; reduction in waivers and Custom Duties and be opened to improved ease of doing business.

Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, in his speech delivered at the Nigerian Day of the 2018 International Telecommunications Union (ITU) Telecoms World in Durban, South Africa, yesterday, said the plan was part of the Federal Government's Economic and Recovery Growth Plan (EGRP) targeted at bringing in investors to the country.

Besides, Danbatta, who disclosed that so far, by the first and second quarters of 2018, contribution of the sector to GDP stood at nine per cent, which should hit 10 per cent by this quarter, said the sector added $5 billion to Foreign Direct Investment quarterly.

According to him, as part of the flexible approach to regulatory management and constant stakeholders' engagement, the Commission introduced spectrum trading only a few months ago.

He said this was to enable holders of such spectrum not in use to transfer, lease or share it out to those who may have a need for it.

The Secretary-General, ITU, Houlin Zhao, in his speech, commended the level of ICT development in the country.

Zhao, who said he was specifically happy about the growth in 4G services in the country, described Nigeria as the biggest market for ICT in the region.

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