(1)
A company issued an economic development incentive certificate shall, not later than one month after its production day, apply to the Industrial Inspectorate Department of Federal Ministry of Industry, Trade and Investment, to certify its production day.
(2)
The Industrial Inspectorate Department shall within one month of certifying the production day, notify the NIPC and Service of the production day of the company
(3)
Not later than one month after the production day of the company has been determined and certified under this section, or within such extended time as the Service may allow, the company shall make an application in writing to the Service to certify the amount of the qualifying capital expenditure incurred by the company prior to production day and the company shall supply full particulars of the capital expenditure so incurred.
(4)
In determining the amount of qualifying capital expenditure incurred by the company prior to its production day, any sum derived directly or indirectly by that company from disposal, made before the production day, of any asset on which qualifying capital expenditure has been incurred, shall be deducted from the amount of the qualifying capital expenditure.
(5)
Where the disposal of asset referred to in subsection (4) of this section is by way of a bargain not made at arm's length or to a connected person, the Service shall consider the asset disposed of at its market value in a comparable transaction conducted at arm's length.
(6)
The Industrial Inspectorate Department shall issue a certificate within 14 days after inspection of the assets, to the company certifying the amount of qualifying capital expenditure incurred by the company prior to the production day and during the priority period. Provide that the Industrial Inspectorate Department may charge a non-refundable fee of 0.1% of the qualifying capital expenditure incurred or to be incurred, subject to a maximum of N5,000,000 and no further fee shall be payable to the Industrial Department in respect of the certification.
(7)
The provisions of Chapter Two of Nigeria Tax Administration Act, which relate to objections and appeals shall apply to any certificate issued by the Service under this section, as if such certificate were a notice of assessment given under the provisions of the Nigeria Tax Administration Act.
(8)
Where the amount of the qualifying capital expenditure incurred by the company prior to production day has been determined and certified by the Service, the Service shall notify the NIPC of the amount.
(9)
Where a certificate issued by the Service under subsection (6) certifies that the company has on or before production day incurred qualifying capital expenditure lower than the amount specified in the Tenth Schedule to this Act, the Service shall discountenance such economic development incentive certificate and notify the NIPC accordingly.
(10)
For the purposes of this section, "production day" means in relation to a company —
(a)
providing services, the date in which the company is ready to provide such priority service on a commercial scale ; and
(b)
engaged in manufacturing, processing, mining, agricultural or any other priority industry, the date in which the company begins to produce the priority product in commercial quantities.