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FEC Approves Tax Incentives For Dangote - Business (4) - Nairaland

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Re: FEC Approves Tax Incentives For Dangote by obi58: 10:03pm On May 18, 2016
Keneking:
Amazing decision shocked

See attached map, the distance is 43KM grin


Brother Judas, this just shows how narrow minded you are. Dangote should as part of corporate social responsibility have been made to undertake the renovation of the road without any tax rebate because his trucks were primarily responsible for the decimation of the road. Just shows how clueless this government is! We are hearing the government is broke and that oil revenues are dwindling and here we have that idiot Fashola further rationing off valuable future incomes over 'some years' (not explicitly stated) to Africa's richest man who should be taxed more along with the elites in his class!!!

Very soon, you will soon see this government giving tax rebates to Shell for cleaning oil spills in the Niger Delta!
Re: FEC Approves Tax Incentives For Dangote by wellmax(m): 10:15pm On May 18, 2016
DropShot:
I think this is wrong.

We need full details to be able to determine if this is good for us or not.
1. Is the 30% concession tax for the entire Dangote Grp or for just the cement factory in Lokoja?

2. For how many years will Dangote hold back the 30% tax?

3. By when must the project be completed and handed over?

4. Is there a minmum quality standard specified for the construction work?

5. Will the FG supervise the work to ensure standards are met?

6. Has a cost estimate for the project been done and compared to the 30% concession tax. That way, we will know how much we lose or gain by this arrangement.

Without answers to these questions, I say it's not a good strategy.

Good point. But also know that those in Govt are not dumb. We have professionals and experts in Govt who MUST have done their homework properly. They have just spared us the details.
Re: FEC Approves Tax Incentives For Dangote by obi58: 10:20pm On May 18, 2016
Ibime:


It is not the job of private business to maintain infrastructure regardless of use.

They pay taxes which entitles them to use infrastructure to carry out their business. Govt benefits in so many ways such as taxes, employment and personal income taxes of the company employees.

It is Govt job to ensure that infrastructure is in place to attract private businesses

You may have a point there. The government has set aside the largest ever provision for capital expenditure and even before we have begun to enjoy the benefits of this budget provision, we have started hearing of these kind of shady deals. Dangote and co whose businesses have a huge environmental footprint should be heavily taxed to provide solutions to these kind of problems their businesses create. They should also pay more tax than the common man. Even before disbursement of funds, Fashola has started talking of toll gates on major roads so I am totally unsurprised by this development. Instead of tax rebates or incentives to electricity companies to distribute meters in record time, the buffoon backed their tariff increase. Meanwhile power production is declining everyday
Re: FEC Approves Tax Incentives For Dangote by Samjr(m): 10:26pm On May 18, 2016
OlujobaSamuel:

are you sure that road was ever in good condition? I'm aware of ayetoro-ibeshe-ilaro, he reconstructed the road without input from the government.
Ferma worked on that road before and while Ibese Cement was commissioned and just last year he reconstructed the road to an extent
Re: FEC Approves Tax Incentives For Dangote by AAABBB123: 10:45pm On May 18, 2016
30% of his company' income tax for unstated nos of years...
Re: FEC Approves Tax Incentives For Dangote by LDKOTB(m): 10:56pm On May 18, 2016
I know that road very well,I even traveled through it two days ago,a man was killed there that same day and another car got robbed I was a witness of that one,the road has so many notorious robbers and there are some villages along the road..I just hope Alhaji Alico Dangote will put maximum security operatives in place on that road.....Ire wole to the people at that axis.


LDKOTB
Re: FEC Approves Tax Incentives For Dangote by omolola15(m): 11:08pm On May 18, 2016
obailala:
So much ado about Dangote getting forex to build a cement factory in Congo. If not from the CBN, where was he going to get the forex from?.... All the foreign companies that set-up plants in Nigeria, e.g. etisalat, mtn, etc, don't they get their forex from their home countries?... So what exactly is the big deal about Dangote getting forex from the CBN to set-up a plant in congo which would return forex to Nigeria?.... Besides, as at the time he got the forex from CBN, we didn't have the large disparity between official and parallel market rates, so what's the biggie?

As for the case of Dangote building this road, I dont think I have any problem with this. I do not pass this road, but I'm sure there are hundreds of thousands who pass through this road on a daily basis who would be exceedingly happy with this development. I can bet you, if we allow the FG to take those taxes and fix that road, the road might remain the way it is for the next 10 years. We need to undeerstand that we have irresponsible leadership in Nigeria and anything to bring ensure infrastructural development, be it toll gates or tax incentives would be beneficial to the masses. On this one, it's not about what is right, it's rather about what is necessary.

God bless you for this point. Government has been collecting this tax for years and they have not put it in good use. Let them leave it with an individual that'll do the right thing with it. I made reference to Rev oyedepo wanting to fix the otta idi-iroko road for years now. They didn't let him fix it because it's FG's property. Yet FG no gree fix the road since.

modath I get your point but I don't think it's Dangote's responsibilities to fix the road. He's a Nigerian like you and i. He has been paying taxes so I believe he's entitled to a good road. And you see the deal between him and FG is based on that tax. It won't make sense for him to be paying tax and still fix the road. The road will be fixed more faster with Dangote in charge.
Re: FEC Approves Tax Incentives For Dangote by divineappo(m): 11:18pm On May 18, 2016
...
Re: FEC Approves Tax Incentives For Dangote by Phobia1: 11:26pm On May 18, 2016
modath:


Do you honestly believe any road exists that wasn't "ever in good condition"?

The road was in a good shape even while the factory was being constructed,soon as he finished and those heavy trucks became a permanent fixture on that road, gbege happened....

I'm talking 07-11 or thereabout...
The road was neva in gud condition. stop sayin wat u dont knw.
Re: FEC Approves Tax Incentives For Dangote by 2n2k(m): 11:37pm On May 18, 2016
obi58:


Brother Judas, this just shows how narrow minded you are. Dangote should as part of corporate social responsibility have been made to undertake the renovation of the road without any tax rebate because his trucks were primarily responsible for the decimation of the road. Just shows how clueless this government is! We are hearing the government is broke and that oil revenues are dwindling and here we have that idiot Fashola further rationing off valuable future incomes over 'some years' (not explicitly stated) to Africa's richest man who should be taxed more along with the elites in his class!!!

Very soon, you will soon see this government giving tax rebates to Shell for cleaning oil spills in the Niger Delta!

Capital oil (Ifeanyi Ubah) and Folawiyo oil should also reconstruct Apapa road as CSR since their fuel tankers 'deliberately' damage the road.
Re: FEC Approves Tax Incentives For Dangote by busolakun(m): 11:43pm On May 18, 2016
Papa alanto - sagamu road in Ogun State could be fix with this type of arrangement. The road as important as it is, is in a terrible state.
Re: FEC Approves Tax Incentives For Dangote by 2n2k(m): 11:44pm On May 18, 2016
montelik:

Dangote cement have been enjoying pioneer status since 2008, only recently did some of their production lines begin to suffer tax. Apparently with this new deal, their no tax status has been restored in a way.

Good a thing that he enjoyed pioneer status. I would have been surprised if he didn't.

I don't agree that the new deal give him any incentive. The road still belong to the government. It is like govt borrowing from him now and instead of repaying him, they ask him to be using 30% of his future tax to liquidate the loan.
Re: FEC Approves Tax Incentives For Dangote by mikolo80: 11:59pm On May 18, 2016
nickxtra:
I think this is good. We can then focus and channel the money to other roads
which money
Re: FEC Approves Tax Incentives For Dangote by psalmsjob: 12:15am On May 19, 2016
DropShot:
I think this is wrong.

We need full details to be able to determine if this is good for us or not.
1. Is the 30% concession tax for the entire Dangote Grp or for just the cement factory in Lokoja?

2. For how many years will Dangote hold back the 30% tax?

3. By when must the project be completed and handed over?

4. Is there a minmum quality standard specified for the construction work?

5. Will the FG supervise the work to ensure standards are met?

6. Has a cost estimate for the project been done and compared to the 30% concession tax. That way, we will know how much we lose or gain by this arrangement.

Without answers to these questions, I say it's not a good strategy.

These are the kind of arguments I like to hear not some....name calling and corruption infested mind set. This is how to oppose a government and demand service.

And number 3 edited....When will the project commence?
Re: FEC Approves Tax Incentives For Dangote by obi58: 12:28am On May 19, 2016
2n2k:


Capital oil (Ifeanyi Ubah) and Folawiyo oil should also reconstruct Apapa road as CSR since their fuel tankers 'deliberately' damage the road.

If not? Why not? Instead of raising tariffs and imposing toll gates which would impose a higher tax burden on the common man, why not impose an environmental levy on multinationals and conglomerates?? Why is government so afraid of progressive taxation?

Why should the common man be made to always subdidize the cost of governance? Electricity tariffs up by 60%, fuel prices up 68%, stamp duties introduced whilst no one is talking about cash handling charges or even property taxes! Dangote given a 30% tax rebate for years for an action that he could easily have written off as a PR expense!!!

Why is no one talking about the cabal in the power sector that has successfully lobbied Fashola and co to contravene a court order and raise tariffs whilst power generation plummets to record lows Where are the electricity meters already Are they being imported from Jupiter?
Re: FEC Approves Tax Incentives For Dangote by Rhea(f): 1:17am On May 19, 2016
[size=18pt]Buhari may be the President. But Dangote has been the MD-CEO of the Nigeria non-oil economy for the past 15 years or so. I swear[/size]
Re: FEC Approves Tax Incentives For Dangote by DedeNkem: 1:40am On May 19, 2016
Corrupt government of the corrupt rich by the corrupt rich.

Dangote has been using corrupt Nigerian governments to enrich himself. I don't blame him at all.

Dangote is the most corrupt business man in Nigeria. He won't be as rich as he is today if he had all his businesses in the West because he will not bribe his way to amass illegal wealth.
Re: FEC Approves Tax Incentives For Dangote by DedeNkem: 1:53am On May 19, 2016
Rhea:
[size=18pt]Buhari may be the President. But Dangote has been the MD-CEO of the Nigeria non-oil economy for the past 15 years or so. I swear[/size]

You're correct.
Re: FEC Approves Tax Incentives For Dangote by Nobody: 2:43am On May 19, 2016
Make una just carry Nigeria give am finally now, as he's handling everything now
Re: FEC Approves Tax Incentives For Dangote by Mayflowa(m): 3:06am On May 19, 2016
modath:
Aliko Dangote is the luckiest human being alive!!! Very soon he will be handed Nigeria to "manage"lipsrsealed

Got Tax incentive to build the road that services his business, a road that was primarily damaged by his heavy duty trucks!! cool




*modified*

This is an improvement on the 1% tax he used to pay in the past... lipsrsealed

http://nairametrics.com/and-heres-a-recap-of-this-weeks-trending-stories/


Wen you pay your tax, government build facility and infrastructure for your biz use. You could assess more tax if you overburden facilities.

It is not in organization place to build any public infrastructure for their use except during corporate social responsibility which is a choice

So government has failed him by lettinghis business road deteriorate. He is only smart to use the same tax levies him to build the road himself
Re: FEC Approves Tax Incentives For Dangote by ziontrain: 3:22am On May 19, 2016
I can't believe everyone is missing the BIG story here!

The BIG story is not the Tax exemption. It is the fact that the road will be built using CEMENT i.e. CONCRETE as done in the U.S. and some other countries. Imagine what will happen to the demand for Cement if government approves road construction using Concrete in Nigeria - This could be a major game changer. This Dangote man is a genius!

1 Like

Re: FEC Approves Tax Incentives For Dangote by DropShot: 5:52am On May 19, 2016
ColeworldMD:
he was recently rated as most powerful man in the country ahead of Mr. President, I don't think that was a fallacy. Unfortunately he's a capitalist & a monopolist, that's not the kind of person you'd want to have all that money & power. This is just a tip of the iceberg compared to when the refinery is completed. It's left for our govt to protect us.
How can Dangote be rated as the most powerful man ahead of the president?

This got me laughing seriously. cheesy
Re: FEC Approves Tax Incentives For Dangote by Bjergtrolde: 6:11am On May 19, 2016
modath:
Aliko Dangote is the luckiest human being alive!!! Very soon he will be handed Nigeria to "manage"lipsrsealed

Got Tax incentive to build the road that services his business, a road that was primarily damaged by his heavy duty trucks!! cool




*modified*

This is an improvement on the 1% tax he used to pay in the past... lipsrsealed

http://nairametrics.com/and-heres-a-recap-of-this-weeks-trending-stories/


I think this deal means that he would withhold 30% of his usual 1%
Re: FEC Approves Tax Incentives For Dangote by Nobody: 6:15am On May 19, 2016
Mynd44:

Actually, this has legal backing so it is not only about Alhaji Putin.

Personally, I prefer coporations do this to paying taxes

Not far from the truth, taxes in Nigeria is just synonymous with fetching water with a leaking container.
Re: FEC Approves Tax Incentives For Dangote by modath(f): 6:17am On May 19, 2016
Phobia1:

The road was neva in gud condition. stop sayin wat u dont knw.

Since I'm saying what I don't know, can you please tell me when you the period you started plying that road?

Also, like i put it to one poster, "is it possible for a road to have never been in good condition" & also ask, Do you know about FERMA?
Re: FEC Approves Tax Incentives For Dangote by ehinja: 6:38am On May 19, 2016
modath:


cheesy cheesy cheesy
As a corporate entity as long as he pays his taxes fixing the road is not his responsibility. The government can make him pay more via tax and use the money to maintain the road in question. This particular provision of the law is there for such cases and like Fashola said anyone can do the same thing with the government.

God knows I don't have anything against his person or business ventures but how he gets "lucky" with every successive government is a source of mystery!!

He should have fixed that road long before now!! That road shaved off more than 90mins of travel time between Abj and the SW...

Its state of disrepair contributed to the death trap and vehicle damaging expanse of okene-lokoja!! That road is real inilara and afonilori...

Anyway Alhaji Putin will always be Alhaji Putin sha...
Re: FEC Approves Tax Incentives For Dangote by holaralph(m): 6:38am On May 19, 2016
DropShot:
I think this is wrong.

We need full details to be able to determine if this is good for us or not.
1. Is the 30% concession tax for the entire Dangote Grp or for just the cement factory in Lokoja?

2. For how many years will Dangote hold back the 30% tax?

3. By when must the project be completed and handed over?

4. Is there a minmum quality standard specified for the construction work?

5. Will the FG supervise the work to ensure standards are met?

6. Has a cost estimate for the project been done and compared to the 30% concession tax. That way, we will know how much we lose or gain by this arrangement.

Without answers to these questions, I say it's not a good strategy.
. Good Talk
Re: FEC Approves Tax Incentives For Dangote by mastro: 6:52am On May 19, 2016
talk4free:
So I guess we can all request for tax breaks for all the street roads that lead to our houses that we have fixed. The law says any individual (you and I) and says any publicly owned (other people use the road too). Hence we are entitled to tax breaks as well.

Heck it also includes buying of electric poles and transformers for our area. Hope we can hold Mr Fashola to this. Naija, lets wise up. If its good for Dangote, it's good for us too in our own little ways.

Actually we can, in the case of PHCN and the DISCO's it's actually formalised, pay in advance for a meter claim back the money you spent as a discount on your bills
Re: FEC Approves Tax Incentives For Dangote by xcuggsm(m): 7:02am On May 19, 2016
Stalwert:


If my memory serves me right that road has long been in a bad state. Though his trucks eventually murdered it beyond repair. I wonder does he even pay anything for using the mineral resources?He seems more interested in being world richest than doing more to developed our country.

THIS IS SAD, A REALLY SAD DEVELOPMENT FOR MY COUNTRY!!

WHATEVER HAPPENED TO COMANIES "SOCIAL RESPONSIBILITY*??

ARE COMPANIES NOT SUPPOSED TO DO SOMETHING TO IMPACT THE LIFE OF THE HOST COMMUNITIES?

ARE NOT THE HEAVY CEMENT LADEN TRUCKS PLYING TE ROADS THE MAJOR CAUSE OF THE DETERIORATION OF THE ROAD?

WHY DIDN'T ZENITH BANK (JIM OVIA) ASK FOR TAX INCENTIVES FOR RECONSTRUCTING AJOSE ADEOGUN STREET IN VICTORIA ISLAND, LAGOS?

TO CUT THE MATTER SHORT; ALIKO DANDOTE JUST GOT THE FEDERAL GOVERNMENT TO AWARD HIM THE CONTRACT TO RECONSTRUCT THE ROAD LEADIND TO HIS CEMENT FACTORY.

WHO IS FOOLING WHOMsad
Re: FEC Approves Tax Incentives For Dangote by Highvotage: 7:04am On May 19, 2016
DropShot:

But we deserve to know those details. Only then we can hail the decision or condemn it.

Bros, have we being told about things like this in a normal contract awarding before?
If it will benefit the masses rather than collecting tax and share it for election campaign, so be it.
Re: FEC Approves Tax Incentives For Dangote by massiveaman: 7:57am On May 19, 2016
I travelled through that road last Saturday it was not funny! So i wonder why government should give him tax relief when it is was principally his companies heavy duty trucks that destroyed the road in the first instance.
Re: FEC Approves Tax Incentives For Dangote by 41lady(m): 7:59am On May 19, 2016
That's good step in right direction but hope the company will do good work commensurate to the tax holiday.

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