Beijing, China — MININGREVIEW.COM — 01 December 2009 – Nigerian minister of mines and steel development Diezani Alison-Madueke says her Federal Government has approved a three-year tax holiday for new mining companies as part of incentives to attract investments to the sector.
Speaking at an investment forum here, Alison-Madueke said the tax holiday was intended to enable the companies to stabilise for a period of three years before they started paying tax. The minister “’ who described the Nigerian solid minerals sector as a virgin territory “’ listed other new investment-friendly legislation and policies, including the reduction of company tax from 35 to 30% and of capital gains tax from 20 to 10%.
Further incentives included exemption from payment of import duty in respect of mining-related plant, machinery and equipment, as well as remittance of foreign capital in the event of sale or liquidation of mining operations.
Alison-Madueke added that the government had put in place institutional and policy changes to re-position the sector, noting the change from “Owner-Operator to Administrative-Regulator” and the strengthening of the ministry’s agencies to carry out their mandate.
She also revealed that the ministry, in collaboration with other agencies, was developing a one-stop shop as a response to investors’ complaints on bureaucratic delays. The minister said under this plan, issues like environmental impact assessment, taxation, work permits and immigration would be addressed uniformly.