The Minister of Industry, Trade, and Investment has issued the Industrial Inspectorate Regulations 2022 (Regulations). The Regulations show the application and collection fees for an acceptance certificate in Nigeria. Where a company does not meet the rule, FIRS may remove the capital allowances claimed for a year of assessment. This step can lead to additional income tax.
The application fee for a certificate of acceptance for fixed assets is NGN 20,000 per financial year or a fixed sum by Regulation from time to time.
On the other hand, the fee for collecting a certificate of acceptance varies per value of the amount on the certificate as follows;
(a) below NGN 100 million – NGN 10,000
(b) From NGN 100 million to NGN 500 million – NGN 20,000
(c) From NGN 500 million to NGN 1 billion – NGN 30,000
(d) Above NGN 1 billion to NGN 5 billion – NGN 50,000
(e) Above NGN 5 billion to NGN 10 billion – NGN 60,000
(f) From NGN 10 billion to NGN 20 billion – NGN 70,000
(g) An additional NGN 10,000 for every NGN 10 billion of fixed assets from above NGN 20 billion to NGN 100 billion
(h) Above NGN 100 billion NGN 200,000
To download the Industrial Inspectorate Regulations 2022, click here.