Tuesday, 3 October 2017

Dangote Group Denies Alleged 10 Years Tax Holiday

The management of Dangote Group has denied speculations that the company would enjoy 10 years tax holiday from the Federal Government.
Some media outlets had reported that tax holiday would be given to the company for investing in the ongoing construction of the 35-kilometre Apapa to Oworonshoki end of the Lagos-Ibadan Expressway.

But, in a press briefing organised by the company in Lagos on Monday, the Group Executive Director, Strategy, Portfolio Development and Capital Projects, Devakumar Edwin, debunked the speculation.
He, however, disclosed that the arrangement between the Government and the company was for it to use its tax to offset the payment of the road construction over a period of three years.
"It is very painful when some people accuse our company of benefitting from 10 years’ tax rebate from the government. There is nothing like tax credit in all these.
We volunteered to construct the Apapa/Oworonshoki long highway at a cost that will be about 15 to 25 per cent less than the lowest bid on the road.
"We hope to get back our money after three years by removing the sum from the tax we are supposed to pay,” Edwin said.
He maintained the company had never benefited from any tax waivers or credits in its entire history except when they were industry based and applied to all its competitors as well.

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