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CITN Applauds Govt's Implementation of Road Infrastructure Tax Credit Scheme

11/04/2021 | 04:06am EDT

The Chartered Institute of Taxation of Nigeria (CITN) has commended the approval given by the Federal Executive Council (FEC) to the Nigerian National Petroleum Corporation (NNPC) for the construction/refurbishment of 21 roads under the Road Infrastructure Tax Credit Scheme.

The Institute in a statement signed by its Registrar/ Chief Executive, Adefisayo Awogbade said the development accords with the purpose of Executive Order 007 tagged 'Road Infrastructure Development & Refurbishment Investment Tax Credit Scheme (RID&RITCS)' signed by President Muhammadu Buhari on January 25, 2019.

It noted that the Executive Order sought to encourage Public-Private Partnership in the construction/refurbishment of road infrastructure in Nigeria.

The statement read, "The credit to be issued in the Scheme has legal basis in section 23(2) of the Companies Income Tax Act ("CITA"), which grants the President the power to exempt any company or class of companies from all or any of the provisions of CITA or exempt all or any profits of any company or class of companies from tax, on any ground the President deems sufficient.

"CITN has noted with great pleasure the Memorandum of Understanding (MOU) between the Federal Government of Nigeria and Dangote Cement PLC, for the rehabilitation of Obajana - Kabba Road by A.G. Dangote Construction Company Limited, a member of the Dangote Group.

"The Order requires private sector participants to provide funding for a road project and recover the full project cost for the construction or refurbishment of eligible roads plus an uplift set at prevailing CBN Monetary Policy Rate plus 2% of the total project cost (including professional services cost). The uplift is not taxable in the hands of the participants. The claim of tax credit by the participating taxpayers is through an offset from their annual Companies Income Tax payable to the Federal Government through the Federal Inland Revenue Service. The tax credit may be carried forward to subsequent years until it is fully utilised. Also, a participant can sell or transfer its tax credit to other companies, as a form of security or otherwise.

It added, "In retrospect, in January 2020, the Federal Government of Nigeria awarded 19 road projects measuring 800 kilometres in 11 States across the six geo-political zones based on its Investment Tax Credit Scheme. The road projects were allocated to ten (10) indigenous companies that applied to join Dangote group and Nigeria Liquefied Natural Gas (NLNG), who pioneered the private sector investment in road infrastructure.

"Some of the eligible roads under the Scheme scheduled for substantial completion in 2020/2021 include dualization of Suleja-Minna Road (Niger), Ilorin-Jebba-Mokwa/Bokani Road (Kwara), Nnewi-Oduma-Mpu-Uburu (Enugu/Ebonyi), Yenagoa-Okaki-Kolo-Nembe-Brass Road (Bayelsa/Rivers), Bodo-Bonny Road with a bridge across the Opobo Channel (Rivers/Akwa Ibom), the rehabilitation and expansion of Lagos-Badagry Expressway and Lagos-Ibadan Expressway (Lagos/Ogun/Oyo).

"As of August 2021, NLNG and Dangote Cement PLC have received tax credit certificates valued at N46 billion and N32 billion, respectively between 2019 and 2021 to offset their income tax payable for the applicable years."

The institute informed further that other taxpayers, including Unilever, Julius Berger, MTN have expressed interest in the tax credit scheme.

Copyright This Day. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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Sales 2022 1 510 B 3 637 M 3 637 M
Net income 2022 421 B 1 014 M 1 014 M
Net Debt 2022 173 B 416 M 416 M
P/E ratio 2022 12,2x
Yield 2022 7,41%
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EV / Sales 2022 3,47x
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Nbr of Employees 16 700
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