- 15 Marks
ATAX – May 2023 – L3 – Q7 – Tax Incentives and Reliefs
Explore tax incentives for mining businesses, gas utilisation operations, and companies eligible for road infrastructure tax credit schemes.
Question
Tax incentives are special exclusions, exemptions, deductions, or credits offered by the government to encourage specified activities. These incentives have sparked debates among Nigerian lawmakers, economists, accountants, tax practitioners, and the public.
The Federal Government remains optimistic that the positive effects of tax incentives on the economy outweigh the potential revenue loss.
A prominent businessman and Chairman of High Level Group of Companies approached your firm to provide professional advice on tax incentives available for companies in specific sectors.
Required:
As the officer designated by your firm, prepare a report to the Principal Partner for review, explaining the tax incentives available to:
- (a) Mining businesses under the Minerals and Mining Act 2007 (6 Marks)
- (b) Gas utilisation (downstream operations) businesses (5 Marks)
- (c) Companies eligible for the Road Infrastructure Tax Credit Scheme (4 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Gas Utilisation, Infrastructure Tax Credit, Mining Industry, Tax Incentives
- Level: Level 3
- Topic: Tax Incentives and Reliefs