Venture Capital (Incentives) Act

An Act to provide for the grant of tax relief and other incentives on personal

investments in the National Risk Fund, venture capital companies and venture

capital projects and other matters related thereto.

[1993 No. 89.)

[25 th August, 1993]

[Commencement.]

Qualification and participation in the National Risk Fund

under the National Risk Fund (in this Act referred to as “the Risk Fund”).

[1999 No. 45.)

Venture projects

For the purposes of enjoying the incentives specified in this Act, the Federal Inland

Revenue Service shall certify that a venture capital project fulfils or is capable of fulfilling

one or more of the objectives set out in this Act, that is-

techniques to fruition; or

forward or backward linkages; or

strategic industries through the provision of risk guarantee and insurance; or

emphasis on local raw materials development and utilisation; or

Inland Revenue Service.

Qualifying investment by a venture capital company

For a venture capital company to qualify for the incentives specified in section 4 of

this Act its investment in the venture project shall not be less than 25 per cent of the total

capital required for the venture project.

Qualifying venture incentives

The following incentives shall accrue to venture investments-

for purposes of capital allowance under the Companies Income Tax Act, be treated as follows-

[Cap. C21.]