If a bill, which seeks to amend and thereby create oil and gas free trade zones and sub-zones eventually gets the nod of the National Assembly and the President’s assent, then, Nigeria’s economy in at least, seven states may get the needed boost after all.
The proposed free trade and sub zones are contained in a bill for an Act to amend the oil and gas export free zone authority Act Cap 05 Laws of the Federation of Nigeria, 2011.
The proposed amendment seeks to provide for the designation and establishment of oil and gas free zones and special INVESTMENT
areas in Nigeria and related matters. The proposed benefiting states are: Akwa Ibom, Bayelsa, Lagos, Rivers, Delta, Ondo, and Ogun.
areas in Nigeria and related matters. The proposed benefiting states are: Akwa Ibom, Bayelsa, Lagos, Rivers, Delta, Ondo, and Ogun.
Senator Odion Ugbesia (PDP, Edo central), who sponsored the bill which has passed the crucial second reading in the Senate, said the amendment of section 8 sub section (3) (4) provides that an approved free zone enterprise or developer or operator shall be entitled to 15 to 30 years tax holiday for the payment of taxes including but not limited to value added tax (VAT), capital gains tax, companies in one tax and industrial training fund, levies, duties and rates wherever applicable.
However, after expiration of the holiday payment of 25 percent of the applicable tax shall take effect. With the new, the President, on the recommendation of the Oil and Gas Export Free Zone Authority “ may, by order, designate any area within the Federal Republic of Nigeria as an oil and gas free trade zone.”
The latest entrant onto the list is Onne/Ikpokiri area of Rivers State.
Source-Sunnewsonline.com
No comments:
Post a Comment