President Muhammadu Buhari has signed Executive Order No. 7, 2019 on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (the “Scheme”). Under the Scheme, Nigerian companies, acting on their own or in concert with other Nigerian companies, and institutional investors can apply to construct or refurbish eligible roads (as listed in the Scheme). These companies will thereafter be entitled to utilize the total cost incurred for construction or refurbishment of the eligible roads as tax credits against their corporate tax payable in the future.
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