Good News for Businesses as Cross River Government Tells Investors Not to Pay Tax, Gives Reasons

Good News for Businesses as Cross River Government Tells Investors Not to Pay Tax, Gives Reasons

  • Bassey Otu, the governor of Cross River, is trying to lure investors into the state
  • The governor recently declared a tax holiday for businesses willing to come into the state
  • This comes a few weeks to the 2023 Calabar Carnival scheduled to run from December 1 to 31

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market

The governor of Cross River state, Bassey Otu, has declared a tax holiday for investors willing to invest in the state.

He disclosed this at a breakfast meeting with chief executive officers of companies and conglomerates in Lagos.

Cross River tax holiday
Cross River plans to lure investors as it targets a 20% GDP increase from tourism and other sectors of the economy this year. Photo Credit: CrossRiverWatch, Marc Romanelli
Source: Getty Images

A tax holiday is a governmental incentive that temporarily reduces or eliminates taxes for consumers or businesses, according to Investopedia.

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ThisDay reported that the move is part of the strategy by the state to lure investors as it targets a 20% GDP growth from tourism and other sectors of the economy this year.

The governor's action comes ahead of the 2023 Calabar carnival.

He said:

“For those of you willing to do business in Cross River State, we assure you of every incentive and support to do business, including tax holidays and lots more.
“For all the banks, manufacturers, and every other business willing to come to our state, we assure you of great opportunities to make good fortune in terms of fantastic government policy, regulations, and conducive business environment”

Mary Ephraim-Egbas, the CEO of Okhma Consul, the official marketing company of the Carnival Calabar, noted that the carnival is one of the main assets of the state's tourism initiative.

She added that the government and his team are passionate about the 2023 edition of the carnival.

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FIRS Highlights How Wealthy Nigerians, Companies Evade Tax

Legit.ng had reported that the Federal Inland Revenue Service (FIRS) stated how wealthy Nigerians and corporations understate their holdings and deprive the federal and state governments of tax revenues

Johannes Wojuola, the Special Assistant for Media and Communication to the Executive Chairman of FIRS, revealed this during a courtesy visit by the FIRS team to the Guardian's corporate headquarters in Lagos.

Recall that Legit.ng earlier reported that FIRS collected a total tax revenue of N5.5 trillion for six months from January to June 2023.

In a related development, President Bola Tinubu received the maiden tax reform report from the Fiscal Policy and Tax Reforms Committee set up in July 2023.

Source: Legit.ng

Authors:
Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng

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