Source: Foreign investors looking to invest have been advised to choose Nigeria as their first option for business considering the attractive tax incentives, reliefs and attractive end-price the country offers. This plea was made by Babatunde Fowler, Executive Chairman of the Federal Inland Revenue Service (FIRS) during the Nigeria-Canada Investment Summit in Abuja.
According to Fowler, the attractive tax incentives include:
Reliefs in Personal Income Tax Act (PITA);
Companies Income Tax Act;
Capital Gains Tax Act; and
Value Added Tax Act.
Added to these, non-oil sector performance is expected to grow in the next three years, making up about 80% of government revenue. Fowler noted that non-oil sector contribution to the Nigerian economy had risen to 60% currently, from 54% in December 2018, noting that the continuous drop in oil prices was a sign that attention should be focused on the non-oil sector that is more sustainable. In this, he referred to agriculture as a key component in his expectation.
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