The Abia State governor, Dr. Okezie Ikpeazu, through the commissioner for Information, Chief John Okiyi Kalu, have listed five (5) reasons why investors should invest in the state.
This is even as it promises investors 100% tax waivers, excluding some compulsory user fees and “Pay as You Earn” PAYE.
In a statement made available to the media, obtain by ABACITYBLOG, the appeal was made following the rapid industrialization agenda of Abia State government and with a view to tackling cases of harassment of business organizations in the state.
However, the state government has approved tax and levy waivers for the following categories of investors in the state:
1. 100% waiver on all levies and dues (excluding user fees and PAYE) for new investment in education not less than Five Hundred Million Naira (N500,000,000.00) in verified value with a workforce of not less than 100 persons.
Waiver applies for 5 years from date of approval.
2. 100% waiver on all levies and dues (excluding user fees and PAYE) for new investment in manufacturing not less than Five Hundred Million Naira (N500,000,000.00) in verified value with a workforce of not less than 50 persons.
Waiver applies for 5 years from date of approval.
3. 100% waiver on all levies and dues (excluding user fees and PAYE) for new investment in healthcare not less than Five Hundred Million Naira (N500,000,000.00) in verified value with a workforce of not less than 20.
Waiver applies for 5 years from date of approval.
4. 50% waiver on all levies and dues (excluding user fees and PAYE) for new investment in hospitality not less than Three Hundred Million Naira (N300,000,000.00) in verified value with a workforce of not less than 20.
Waiver applies for 5 years from date of approval.
5. 100% waiver on all levies and dues (excluding user fees and PAYE) for new investment in agro-allied based industry not less than Fifty Million Naira (N50,000,000.00) in verified value with a workforce of not less than 50.
Waiver applies for 5 years from date of approval.
Organizations wishing to take advantage of this are expected to apply through the Abia State Board of Internal Revenue Service, Investment House, Umuahia, or the State Ministry of SME Development, for approval.
