NIPC: 33 Companies Get Tax Waiver On N543.9bn Investment
The Nigeria Investment Promotion Commission has waved 33 companies tax income for a particular period. This is for operating in areas new to the Nigerian economy and investing N543.88billion.
The waiver was contained in the first quarter report of NIPC, under the Industrial Development Income Tax (IDIT) Act. Noting that the 33 companies during the year invested a total N543.88billion.
The pioneer status which can be full or partial is enjoyed by by-products or companies that do not already exist in the country
The incentive is generally an industrial measure aimed at stimulating investments in the economy.
An analysis of the quarterly report showed that besides the requests of the 10 firms that were denied, three companies had their applications approved in principle, while six firms were granted PSI for three years.
The report also revealed that the requests of 132 companies were still pending while as of March 31, 2021, the firms granted tax reliefs had invested a total of N45.5billion in the Nigerian economy.