| 1993 | Reduces the corporate tax rate from 40% to 35% - Research and development becomes tax deductible - Modifies the conditions for the granting of investment allowance - Introduces Investment Tax Credit (ITC) on facilities provided by companies situated in the rural areas in the absence of government facilities - Establishes a Technical Committee in the Federal inland Revenue Services (FIRS) |
| 1996 | Reduces corporate tax rate from 35% to 30% - Expands the qualifying capital expenditure types for capital allowance - Significantly improves the rates of initial and annual allowances in capital allowance - Introduces 15% ITC on replacement plant expenditure and accelerated capital allowance of 95% on the new plant - 20% ITC to companies engaged in research and development activities - 100% capital on plant and building expenditure incurred by firms in the Export Processing Zones - Exempts from tax the profits of firms engaged in . manufacturing activities for export for the first three years of being in operation . supply of materials to firms engaged in manufacturing activities for export . mining of solid minerals for the first three years of being in operation . exported goods where the proceeds are repatriated in the form of raw materials, plants and equipment of spare parts . 25% of income of hotels received in convertible currencies - Exempt from tax dividend distributed by . Unit Trust . small firms engaged in manufacturing activities for the first five years of operation . wholly export oriented businesses - Introduces self assessment returns filling and payment of advance company tax |
| 1998 | Grants incentives to firms engaged in the utilisation of gas for a period not less than 3years but not more than 5 years - Grants accelerated annual allowance of 90% and 15% investment allowance at the expiration of the incentive period … |
| 1999 | Increases the investment allowance for gas utilisation to 35% |
| 2007 | Provides extensive guidelines for the taxation of firms engaged in insurance businesses - Abrogates: rural investment allowance on provision of telephone services for the purpose of business in the rural areas ITC on replacement on business plants ITC enjoyed by firms fabricating local plants ITC enjoyed by firms employing locally fabricated plants for business purposes 1% of tax payable tax incentive for filling self assessment returns - Extends . exemption of tax on interest income on bank loan granted to cottage industry participants against the initial restriction to those established under the Family Economic Advancement Programme . the period of carry forward of business losses from four years to infinity - Allows donations of capital nature made to universities and research institutions - Increased the proportion of total profit allowable as donation to 15% from 10% - Makes the filling of self assessment return compulsory, hitherto it had be voluntary |