Oluchi Chibuzor
The federal government has declined applications from 10 companies seeking pioneer status under the industrial development Income Tax Relief Act (IDITRA).
This is according to the Nigerian Investment Promotion Commission (NIPC) report on Pioneer Status Incentive (PSI) applications for the first quarter of 2021 (Q1 2021).
The PSI is a tax holiday that grants qualifying industries and products relief from payment of corporate income tax for an initial period of three years, extendable for one or two additional years.
According to NIPC, the pioneer industries eligible for this tax incentive are agriculture, mining and quarrying, manufacturing, electricity and gas supply, waste management, construction, trade, information and communication, professional services, financials, and administrative services.
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FG rejects Flour Mills, Flutterwave s tax holiday applications
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