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Nigeria has enforced double tax treaties with several countries of the world including Belgium, Canada, China and Pakistan. All the foreign companies that are working within the country also enjoy deduction in the income tax on the foreign profits that they have made. It is also to be noted that Nigeria is a member of 6 multilateral treaties providing waiver on tax filing to different countries the companies of which operate within Nigeria. All the commonwealth related companies that are operating within the country also enjoy a free income tax filing as well as 50% tax exemption provided the other country has also implemented the similar tax exemptions within their country.
Gas utilization Incentives
All the companies that are involved in the Gas utilization operations enjoy following incentives when it comes to income tax rates as well as filing:
Petroleum profit tax incentives
In addition to petroleum allowance the government also makes sure that the annual allowance is granted to the companies in this regard. With respect to depreciation the allowance that is provided is 20% for the first 4 years including the free income tax filing.
Graduated free income tax filing has also been introduced by the government to make sure that the production is encourages within the country and this applies to all the companies irrespective of their operational areas The Nigerian government wants to make sure that the free income tax filing is provided to all the companies that are working as per the rules and regulations that have been defined by the authorities.
www.InnerKonsult.com Nigeria Accounting, Tax, Audit & Investigation service 08038460036,