Tax Incentives for Mining Companies

The Minister of Mines and Steel Development, Mrs. Diezani Alison-Madueke, according to Thisday, has announced new incentives for mining companies including a 3 year tax holiday and the reduction of company income tax from 35% to 30%. It is not quite clear whether the tax holiday would fall under the existing "pioneer industry" scheme or whether it is a newly created scheme specifically for the mining industry. If it is the latter, new legislation would be required to bring this scheme into fruition. I am not aware of any proposed legislation before the National Assembly in this regard.