ANNOUNCEMENT 22 Feb 2010In February 2010, the government of Nigeria announced a change to the import-specific domestic duties.
NUMBER OF INTERVENTIONS
Ministry of Mines and Steel Development, Nigeria, Newsletter: 'Nigeria Woos Mining Investors with three year tax holiday,' http://www.mmsd.gov.ng/Newsletter/Nigeria_Woos_Mining_Investors_2-5-10.asp
The Nigerian Minister for Mines and Steel Development in a speech read on her behalf by the permanent secretary of the ministry, Mr. Suleiman Kassim, at the 2010 Mining Indaba Conference held in South Africa, said the country will grant the following tax incentives to new mining companies:
1. A 3-year tax holdiay to new mining conferences.
2. A decrease in capital gains tax to 10%, from 20% for prospective investors.
3. A reduction in company profit tax from 35% to 30%
4. An increase in initial and annual capital allowances from 20% and 10% to 30% and 20%, respectively.
*Since there is no implementation date published, the date of the discovery of the source is taken.