Qualifying expenditure means capital expenditure incurred on the provision, construction or purchase of plant and machinery used for the purpose of a business other than assets that have an expected life span of less than two (2) years.

Procedure:

• Prepare a schedule of all the assets on yearly bases.
• Vouching and gathering of all the invoices and receipts used in the purchase of the asset.
• Prepare a summary sheet of all the categories of asset in line with the format stipulated by the ministry of trade and investment.
• Complete the notification of intention to incur capital expenditure (form 1) and submit to the Federal Ministry of Trade and Investment Inspectorate Department, Abuja.
• Prepare a return summary of all the categories of asset along with a covering letter and submit to the Federal Ministry of Trade and Investment Inspectorate Department, Abuja.