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Invest in road infrastructure, get tax relief, Fashola tells corporate organisations

by (NAN)

October 4, 2017 | 2:17 pm
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The Minister of Power, Works and Housing, Mr Babatunde Fashola has called on well-meaning individuals and corporate organizations to invest in road infrastructure as a means of tax relief.

 

Fashola told newsmen on Wednesday in Abuja that the idea was to attract the private sector to road maintenance and in turn the Federal Government would give them tax relief.

 

According to him, the initiative will be implemented under a tax recovery order that exists under the Companies’ Income Tax Act.

 

The minister said that what it really meant technically was that the government was spending the taxes it should collect in advance to quickly respond to places where there were pains.

 

“Some of these companies or most of them make profits and they should pay tax at the end of the day.

 

“So, it is not a method that is new but it is something that we are going to be using more frequently.

 

“Government is saying that if you invest in infrastructure that the public will use, it will give you some tax relief as well as commend and welcome the initiative.

 

“So, we welcome individuals and corporate organization that have money to intervene on certain roads and then get tax relief in return,” he said.

 

Fashola said that the Federal Government had gotten an offer from the Dangote Group under this initiative to rehabilitate some roads in Lagos State.

 

He said Dangote had before the offer voluntarily agreed to rehabilitate two kilometers of Wharf Road in Apapa, Lagos.

 

According to him, beyond what Dangote has done voluntarily, it is also offering to take over the entire strength of road from Creek Road-Liverpool Road-Apapa through Tincan-Oshodi-Mile 2.

 

Fashola said that another company, Lafarge had also adopted the initiative in Cross River to build a road.

 

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by (NAN)

October 4, 2017 | 2:17 pm
  |     |     |   Start Conversation

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