The House of Representatives has passed for second reading a bill to establish a regulatory framework for tech startups in Nigeria.
“An eligible employee of a labelled startup shall be entitled to personal income tax exemption of 35% on the income of the employee for a period of two years from the date of engagement by a labelled startup,” the section reads.The bill is coming amidst the revelation of abuse of workers by some major startups in Nigeria.
it is registered as a limited liability company under the Companies and Allied Matters Act 2020, and has been in existence for a period of not more than 10 years from the date of incorporation; it has at least one Nigerian as a founder or co-founder of the startup, provided that the Nigerian founder or co-founder will share from profit or revenue from the sale of shares; and
Section 25 of the bill proposes that a labelled startup may get “exemption from the payment of income tax or any other tax chargeable on its income or revenue for period of four years, provided that the commencement date of the tax relief shall be the date of the issuance of the startup label.”The bill proposes over tax incentives for employing graduates without work experience and access to loans and grants by the CBN.
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