S\N

NAME OF INCENTIVE MEASURES

LEGAL REFERENCE INSTRUMENT

SECTORS

ELIGIBILITY CRITERIA

DESCRIPTION OF BENEFIT

DURATION

AWARDING AND IMPLEMENTING AGENCY

YEAR INCENTIVE WAS PRODUCED

NUMBER OF INCENTIVE RECIPENTS IN 2023

1

One-off full waiver on Personal Income Tax payable by the Company’s Director

An order from the Ondo state internal revenue service. See https://odirs.ng/

All sectors

All new businesses less than one year old.

Directors of company’s less than one year in operation are granted waiver for the payment of personal income tax for one year

12 months

Ondo State Internal Revenue Service (ODIRS)

2017

18

2

Full waiver on Company and Director development levy respectively

An order from the Ondo state internal revenue service

All sectors

All new business

The company and director will be exempted from payment of development for one year

12 months

Ondo State Internal Revenue Service (ODIRS)

2020

20

3

Full waiver on land use charge payment 

Ondo state land use charge act

All sectors

All New business with investment over 100 million

Land charge payment waiver is granted on all new business for one year

12 months

Ondo State Internal Revenue Service (ODIRS)

2017

50

4

Full waiver on Sign posts and advertisement structures owned by the Business for the purpose of investment made in the State.

An order from the Ondo state signage and advertisement (OSSAA)

All sectors

New businesses less than one year

Waiver on signage and advertisement for new businesses less than a year.

12 months

Ondo State Signage and advertisement Agency (OSSAA)

2018

30

5

Full waiver on the payment of mast communication permits payable by Company/Investor operating or owning telecommunication structure(s)

A directive from the Ondo state information technology. See https://sita.ondostate.gov.ng/

ICT

All new businesses

Waiver granted on permit payable by company/investor for all new businesses

12 months

Ondo State Information Technology Agency (SITA)

2018

10

6

Full waiver on business/trade operating fee payable by the Business.

An order from the Ondo state ministry of commerce. See https://commerce.ondostate.gov.ng/

All sectors

All businesses

Trade Operating fee will be exempted for all new businesses.  

10 months

Ministry of Commerce, Industry and Cooperative Services

2019

25

7

Tax- and duty-free holiday for agricultural production and processing

Legislative law from the Federal Ministry of Agriculture

Agriculture

Pioneer status

Investors in the agriculture sector that are engaged in production and processes of agric. produce would enjoy duty free on their importation for 5 years.

5 years

Federal Ministry of Agriculture

2022

8

8

Zero tax in agriculture loans and repayment

A directive from the Ministry of Agriculture

Agriculture

Pioneer status

Non-interest on credit facility accessed by investors in the agriculture sector with a view to increasing food production and sustainability.

18 months

Federal Government

2020

15

9

Zero import duty on machines and equipment No capital allowance restrictions

No payment of minimum tax

A directive from the federal Ministry of Agriculture

Agriculture

Pioneer status

Agricultural equipment for production purpose are exempted from paying import duty

12 months

Federal Ministry of Agriculture

2020

10

10

Guarantee for loans granted by commercial banks for agro-processing and production

Stated under the Agricultural Credit Guarantee Scheme Fund

Agriculture

Pioneer status

The federal Ministry of Agriculture would guarantee loans accessed from commercial Banks in respect of food production and sufficiency.

Federal Government

2020

20

11

Corporate income tax holiday

Finance act 2020

All manufacturing and producing company

Pioneer status

This is a tax holiday which grants qualifying industries and products relief from payment of corporate income tax for an initial period of three years, extendable for one or two additional years.

3 years

Federal Government

2020

10