Reps pass start-up Bill for second reading, propose 35% tax break for 2 years

The House of Representatives has passed the Nigeria Start-Up Bill for second reading on Tuesday.

It could be recalled that President Muhammadu Buhari had in a letter some weeks ago presented the Executive Bill to the House for passage into law which he said, seeks to establish a regulatory framework for technology startups in Nigeria.

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The Bill was titled: “A Bill for an Act to Provide for the Creation and Development of an Enabling Environment for Technology- Enabled Startup in Nigeria; and for Related Matters”.

It was presented for a second reading by the Chief Whip of the House, Mohammed Tahir Monguno (APC, Borno) at the Plenary on Tuesday.

Leading the debate, Monguno said the bill seeks to provide a legal framework to the sector so that to invest in the sector will have confidence and security of their investments.

He reiterated that the bill specifically seeks to create National Council for Digital Innovation and Entrepreneurship with the mandate to provide the policy direction for the council, which include the creation of the Startup Support and Engagement Portal.

The draft Bill proposed a 35% tax holiday section 31(1) for eligible employees of start-ups in Nigeria for a period of 2 years from the day of engagement.