A sigh of relief has come the way of the Cross River advertising agencies as teh Cross River State Signage and Advertisement Agency (CRISSAA) declared a five-year tax holiday and other incentives for members of the Outdoor Advertising Association of Nigeria (OAAN), who intend to invest in the state.
Mr. Stanley Nsemo, the Director-General of CRISSAA, made this declaration at the Extra Ordinary General Meeting of the Association in Abeokuta, Ogun state, where he delivered a paper titled: Sustainable Partnership for Economic Development. He listed among the incentives to include discounted charges on processing fees and sites fees, direct reduced labour cost, income tax of 30 percent in all sectors, tax holidays of five years in urban areas and seven years in rural areas. Investment in infrastructure attracts 20 percent tax holiday on cost of facilities, Industries with local value-addition enjoy 10 percent tax concession of up to five years and additional incentives for businesses in the free trade zones.
On his part, Director General of Oyo State Signage and Advertisement Agency (OYSAA), Mr. Babs Fagade, who is also a member of OAAN, promised to remove all illegal structures affecting outdoor advertising for value creation.
He also promised to implement the design of Oyo State outdoor master plan and flexible payment plan for 25 percent permit fee already agreed on vacant sites. [CRISSAA]
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