{"id":59767,"date":"2017-10-03T16:18:59","date_gmt":"2017-10-03T15:18:59","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=59767"},"modified":"2017-10-03T16:18:59","modified_gmt":"2017-10-03T15:18:59","slug":"dangote-debunks-proposed-10-year-tax-holiday-story","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/dangote-debunks-proposed-10-year-tax-holiday-story\/","title":{"rendered":"Dangote debunks proposed 10-Year Tax Holiday story"},"content":{"rendered":"<p>The Management of Dangote Group\u00a0<span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1658694871\"><span class=\"aQJ\">on Monday<\/span><\/span>\u00a0debunked a story alleging that<br \/>\nthe company will benefit 10-year tax holiday after constructing 35 km<br \/>\nApapa to Oworonshoki highway end of the Lagos-Ibadan Expressway.<\/p>\n<p>Speaking at the Ikoyi head office,\u00a0<span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1658694872\"><span class=\"aQJ\">on Monday<\/span><\/span>, Group Executive Director,<br \/>\nStrategy, Portfolio Development and Capital Projects, Dangote Industries<br \/>\nLimited, Mr. Devakumar Edwin, revealed that the company has never<br \/>\nbenefited any tax waivers or credits in its entire history except when it<br \/>\nis industry based and same applies to all industry players.<\/p>\n<p>He explained that while the company volunteered to repair the Apapa road<br \/>\nas part of its Corporate Social Responsibility (CSR) initiative at no cost<br \/>\nto the Federal Government, the construction of Apapa to Oworonshoki long<br \/>\nhighway will be done at 15 to 25 per cent less than the lowest bid.<\/p>\n<p>According to him: \u201cIt is very painful when some people accuse our company<br \/>\nof benefitting 10 years\u2019 tax rebate from the government. There is nothing<br \/>\nlike tax credit in all these. We volunteered to construct the Apapa to<br \/>\nOworonshoki long highway at a cost that will be about 15 to 25 per cent<br \/>\nless than the lowest bid on the road. We hope to get back our money after<br \/>\nthree years by removing the sum from the tax we are supposed to pay.\u201d<\/p>\n<p>He further explained that the company proposed to the government to reduce<br \/>\n50 per cent of the total cost of the road, from its proposed tax, on its<br \/>\nfirst year after completion and 25 per cent of the costs respectively for<br \/>\ntwo years from its proposed tax.<\/p>\n<p>\u201c\u2026the government came forward and said, good enough your company is<br \/>\nrepairing a road that is very important to all Nigerians\u2026is it possible to<br \/>\nhelp us do proper road construction of 35 kilometers from Apapa to<br \/>\nOworonshoki? We advised the government to go for a competitive bidding and<br \/>\nalso that we\u00a0will take it up at a costs that will be lower than the lowest<br \/>\nbid received by the government. Since the government may not be handy with<br \/>\ncash, we proposed that we will recover our money over three years in<br \/>\ninstallments against our future tax. The reality is the government will<br \/>\nnot pay us for the construction, but we will only offset our costs against<br \/>\nour three years tax.<\/p>\n<p>It would be recalled that the federal government said it would give tax<br \/>\nrelief to private sectors that invest in road construction in the country.<br \/>\nSpeaking at the Road Construction Summit 2017 organised by Lafarge and<br \/>\nBusiness Day at the weekend in Lagos, the Minister of Power, Works and<br \/>\nHousing, Babatunde Fashola said that there are a lot of possibilities that<br \/>\nlie ahead when private capital comes into road construction under the tax<br \/>\nrelief order as proposed to be amended and complements government<br \/>\nspending.<\/p>\n<p>According to him, the government has just concluded an agreement using the<br \/>\ntax incentive order to hand over the Apapa area comprising Creek Road,<br \/>\nLiverpool Road, Marine Beach to Mile 2, Oshodi, Oworonshoki to the Lagos<br \/>\nend of the Toll Gate on the Ibadan Expressway to Dangote Group.<\/p>\n<p>Also, he said the government has signed an agreement with NLNG to<br \/>\nconstruct the Bodo-Bonny Bridge at the cost of N120.6 billion with NLNG<br \/>\nand federal government sharing the cost.<\/p>\n<p>\u201cWe have identified 28 toll plazas out of the old toll plazas, on roads<br \/>\nwhere construction work is currently going on, at which we propose to<br \/>\nrestore toll plazas. We have also concluded traffic surveys on 51 major<br \/>\nhighways and now have current traffic data on these roads and we can<br \/>\nproject vehicular traffic movement for tolling and concession purposes,\u201d<br \/>\nFashola said.<\/p>\n<p>Going by the recent second quarter GDP report, the Minister said, \u201cWith<br \/>\nrespect to construction and related activities, GDP in the sector had been<br \/>\nnegative since Q2 2015, but turned positive for the first time in Q1 2017<br \/>\ngrowing by 0.15 per cent and continued to positive growth into Q2 2017 by<br \/>\ngrowing by 0.13 per cent. The reversal in construction has to do with<br \/>\ncivil works especially due to FGN capital expenditure.\u201d<\/p>\n<p>Chairman, Lafarge Africa, Mr. Mobolaji Balogun noted that with the federal<br \/>\nand respective state governments grappling with dwindling resources, it<br \/>\nhas become crucial that the ecosystem of public and private sector players<br \/>\nbrainstorm on issues of funding, partnerships, design, and quality of<br \/>\nroads in Nigeria, as for sure government can no longer do it alone.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Management of Dangote Group\u00a0on Monday\u00a0debunked a story alleging that the company will benefit 10-year tax holiday after constructing 35 km Apapa to Oworonshoki highway end of the Lagos-Ibadan Expressway.&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":57161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-59767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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