The Nigerian Investment Promotion Commission on Friday, said it approved tax holidays for 34 companies seeking tax incentives and waivers under the Industrial Development Income Tax Act in 2023. She said tax incentives which had been a contentious issue due to the high amount of revenue lost to waivers granted every year, were meant to boost foreign investments into the country. Saturday PUNCH recalls that the Federal Government in September, said companies operating in Nigeria receive tax incentives worth N6tn annually. But speaking at the press briefing, Lovina indicated that not all companies are granted tax breaks due to stringent procedures followed by the commission on waivers award. However, there is already a notion that Nigeria gives out too many waivers, incentives, and concessions.

Source: Punch December 31, 2023 02:12 UTC