COVID-19: FCT residents get tax break on signage

The Minister of the Federal Capital Territory (FCT), Malam Muhammad Bello, has granted tax break to businesses that pay for signage and outdoor advertisement. The minister made this known through the Permanent Secretary of the FCTA, Adesola Olusade, at the official flag off of a bills distribution ceremony and road show organised by the Department […]

The Minister of the Federal Capital Territory (FCT), Malam Muhammad Bello, has granted tax break to businesses that pay for signage and outdoor advertisement.

The minister made this known through the Permanent Secretary of the FCTA, Adesola Olusade, at the official flag off of a bills distribution ceremony and road show organised by the Department of Outdoor Advertisement and Signage (DOAS) of the FCTA.

He said the incentive was meant to cushion the economic hardship businesses experienced during the COVID-19 lockdown.

Bello said, “We have granted waiver to enterprises that have signage and billboards on their walls to enable them benefit from some of the concession of government for this period of COVID-19.

“It’s a gesture of government to ensure that non-monetary palliative of COVID-19 gets to everyone. It will enable the beneficiaries plough back the revenue that would have been paid to government into their businesses.”

The Director of DOAS, Dr. Babagana Adam, said although the new policy had taken over 60 per cent of its revenue, it was necessary to give incentives to businesses to help them strive, and added that, “As for banks and other key institutions in Abuja, we have also given the 50 per cent discount.”