Section 168 Nigeria Tax Act 2025

Section 168 of the Nigeria Tax Act 2025 is about Application for economic development incentive certificate. It provides as follows:

(1) Subject to the provisions of this Part, every application for economic development incentive certificate shall be addressed to the Executive
Secretary of the Nigerian Investment Promotion Commission (NIPC), and
shall be in such form as may be specified.

(2) The application shall –
(a) show a commitment of, or the ability to commit, the minimum capital
required to invest in the specified priority sector listed in the Tenth Schedule to this Act ;

(b) state whether the company is, or the proposed company when incorporated shall be, a company that the ultimate parent entity is a resident company or non-resident company ;

(c) give particulars of the assets on which qualifying capital expenditure is incurred or to be incurred by the company, including the source and cost
or estimated cost –
(i) on or before production day, and
(ii) during a period of three years following the production day;

(d) specify the place in which the assets, in respect of which qualifying expenditure was incurred or to be incurred by the company or proposed
company, is situated or to be situated;

(e) state the date or probable date of production day of the company or proposed company;

(f) specify any product, service, and by-product, not being a priority product, being produced or proposed to be produced by the company or proposed company, and give a reasonable estimate of the quantities and value of such product and by-product during a period of one year from
production day;

(g) give particulars of the loan and share capital, or the proposed loan and share capital of the company, or proposed company, including the amount and date of each issued shares or proposed issue, and the source from which the capital is to be or has been raised;

(h) in the case of a company already incorporated, provide the details of the ownership structure of the company and the nationality of each director of the company; and

(i) in the case of a proposed company, provide the name, Tax ID, address, and nationality of each promoter of the company and the proposed ownership structure.

(3) An application shall contain a declaration signed by the applicant that all the information contained in the application is true, and an undertaking to
produce proof, if required.

(4) The application shall be accompanied by a non-refundable fee of 0.1% of the qualifying capital expenditure incurred or to be incurred, subject to a maximum of 5,000,000 and no further fee shall be payable to the NIPC in respect of the application.

(5) The NIPC shall recommend the application to the Minister, for approval or otherwise, including the projected tax expenditure impact report in its
recommendation.

(6) The Minister, acting on the recommendation of the NIPC, may recommend the application to the President for approval.