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FG woos investors to telecoms sector with 30% cut in company income tax

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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

UBA Bank

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