In 2011 the Federal Government (FG), amongst several other initiatives to incentivize increased investment in Nigeria, issued the Companies Income Tax (Exemption of Bonds and Short Term Government Securities) Order, 2011 (CITEO).2 Gazetted in 2012 with a commencement date of 2nd January 2012, CITEO exempts: (a) short term FG securities (such as treasury bills (T-bills) and promissory notes); The amendment to the personal bonds issued by FG, State and Local Governments, their agencies (MDA), corporate bodies; and (c) interest earned from such short term securities and bonds, from taxes imposed under CITA.
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