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INCENTIVES

 

Incentives enjoyed in Benue state is an admixture of the Federal Government and the State's incentives; below is the Federal government incentives for our 2017 core focus areas and State general Incentives.
FEDERAL GOVERNMENT

Statutory
· Pioneer status: up to five (5) years holiday.
· Repatriation of profit: 100% allowed by law under the act 17 of 1995
· Capital allowances: Research and development – 140%
· Minimum local materials utilization – 20% rebate for 5 years
· Value Added Tax (VAT) regime of 5%
Export
· Regulatory incentive: Free trade export processing scheme
· Financial Incentive: Export Expansion Grant – up to 30% value
Agriculture/Agro Allied
· Tax relief on interest income
· Machinery attract zero percent (0%) and (0%) import VAT
Power Generation and Distribution
· Equipment and Machinery attracts zero Percent (0%) duty
Solid Minerals/Mining
· Machinery and equipment imported for the development of the solid minerals
sector attracts an import duty rate of 0% and import of 0% VAT.
Sugar Production
· Machinery and spare parts for the establishment of local ugsr manufacturing industries attract 0%.
· Sugar cane to the sugar value chain enjoys five (5) years tax holiday.
· Raw sugar attracts an import duty rate of 20% plus a levy of 60%

Aviation Sector
· Al commercial aircraft spare parts imported for use in Nigeria attracts import duty rate of 0% import VAT

Other Incentives
· Employment tax relief
· Infrastructure tax relief (Power Sector)
· Tax relief on interest on interest income
· Capital asset depreciation allowance


BENUE STATE INCENTIVES
· Hand holding facilitation and support for investment entry and doing business in Benue State.
· Prompt access to land and consent to mortgage
· Facilitation with Federal Government regulatory agencies for approval, permits, licenses etc.
· Special attention on infrastructure to support investment projects
· Policy constituency, sustainability and proactive removal of obstacles on the path of investors.
· Guaranteed host community cooperation and support for investment prospe cts
· A myriad of options for investment projects

WHAT WE SEEK
a. Joint Venture through Equity participation with the Foreign Investor.
b. Public Private Partnership.
c. Build, Operate and Transfer (BOT).
d. Foreign Direct Investment (FDI).