Finance

FG grants tax incentives to Honeywell, 7 others, rejects applications from WAMCO, Flour Mills

The Federal Government, through the Nigerian Investment Promotion Commission (NIPC) has released the report of pioneer status incentive (PSI) applications processed between January 1 and March 31 2020.

FG grants tax incentives to Honeywell, 7 others, rejects applications from WAMCO, Flour Mills.   Pioneer Status Incentive is a tax holiday that grants qualifying industries
FG grants tax incentives to Honeywell, 7 others, rejects applications from WAMCO, Flour Mills.

Pioneer Status Incentive is a tax holiday that grants qualifying industries and products relief from the payment of corporate income tax for an initial period of three years, extendable for one or two additional years.

The first quarter (Q1) report shows that 18 new applications and I extension application were received during the period. 8 applications were granted approvals-in-principle, each for 3 years.

These companies made a total investment of N151.916 billion, have 1,460 staff, and are in various sectors including agriculture, construction, administrative service, information and communication, and manufacturing.

One company which had a total investment of N88.7 billion and a staff strength of 573, was granted an extension for 2 years.

The report further revealed that one company was granted a pioneer certificate with a confirmed production date. During the period, 3 applications were declined.

As of March 31, 2020, 39 companies were still enjoying PSI, no application was deemed abandoned, 125 applications were still pending, and no pioneer status certificate was canceled.

Some of the successful applicants for the pioneer status incentive for Q1 include Honeywell Flour Mills Nigeria Limited (manufacturing), Main Data Nigeria Limited (Telecommunication), Apple & Pears Nigeria Limited (manufacturing), Tranos Contracting Limited (manufacturing), Elvis Hotels Nigeria Limited, Medlog Nigeria Limited, Kalambina Cement Company Limited (Cement) and Wells Hosa Greenhouse Farms Limited.

Obu Cement Nigeria Limited was the only company that got an extension for Q1 whereas Flour Mills of Nigeria and Friesland Campina WAMCO were among the three companies that had their applications declined.


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