FG Gives Miners 3-Year Tax Holiday

April 8, 2017
FG Gives Miners 3-Year Tax Holiday

FG Gives Miners 3-Year Tax Holiday

By Modupe Gbadeyanka

Miners of seven minerals in the country have been promised tax holidays by the Federal Government.

This is aimed at enhancing mining in the country and boosting the economy.

The tax holidays, according to the Minister of Mines and Steel Development, Dr Kayode Fayemi, would be for three years.

Mr Fayemi, during a stakeholders meeting of the Association of Miners Processors of Barite (AMAPOB) and Tse Torkula Community in Guma Local Government area of Benue State, said out the 40 solid minerals in the country, government was focusing on seven minerals for full exploration.

He listed the minerals as limestone, barytes, iron, bitumen lead and zinc.

“As a country, we have the best tax holidays worldwide, all miners have three years tax holidays from the government.

“We also have duty free on all mining equipment,” he said.

However, he appealed to miners to adequately compensate host communities for peace and healthy working condition.

“We are seriously discouraging a situation where miners fail to compensate host communities either by cash or through inequities that are resulting to unhealthy situations. We need a healthy environment to work,” he stressed.

According to the Minister, government needed to massively inject funds and create good market environment for full mining activities to take place in the country, pointing out that there were serious mining activities ongoing in the country other than cement, but were not heard about until this national tour of mining sites by government.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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