The Nigerian Investment Promotion Commission (NIPC) has confirmed in its latest report that 37 companies are currently enjoying a three-year break from company income tax under the pioneer status initiative (PSI).
This is contained in the third quarter 2020 report published by the commission.
The Commission explained that 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.
It would be noted that this incentive is listed in the Industrial Development (Income Tax Relief) Act, which is administratively regulated by the NIPC.
The NIPC said it received 28 new PSI applications and three applications for extension in the third quarter.
According to the report, 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.
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.