SAN FRANCISCO, November 12, (THEWILL) – The Nigerian Investment Promotion Commission (NIPC) has revealed that 37 companies are currently enjoying a three-year break from company income tax under the pioneer status initiative (PSI) of the government.
This incentive which is listed in the Industrial Development (Income Tax Relief) Act is administratively regulated by the NIPC.
According to the Act, industries that qualify for the PSI are exempted from paying company income tax for an initial period of three years with the possibility of an extension for one or two years.
The NIPC, in its third-quarter 2020 report, said it received 28 new PSI applications and three applications for extension in the third quarter.
Approvals-in-principle were granted to three companies, one extension application was granted and six PSI applications were granted.
Princess Medi-Clinics Nigeria Limited, Aarti Rolling Mills Limited, and Pan Africa Towers Limited were the companies that received approval-in-principle.
It stated that Honeywell Flour Mills Nigeria Plc, Wells Hosa Greenhouse Farms Limited, Kalambaina Cement Company Limited, Tribute Lifestyle Global Concept Limited, Daily Need Industries Limited, and Savannah Sugar Company Limited were the companies that received PSI in the quarter.
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