CONSOLIDATION A joint committee of staff was recently created by government to consolidate the process

As part of commitment to Federal Government’s tax holiday incentive, 14 firms, which benefitted from the gesture, has invested a total of N45.9 billion in the economy.

Findings by New Telegraph revealed that applications by these companies to be exempted from paying tax under the Pioneer Status Incentive (PSI)  scheme of government were approved in the first quarter of this year.

According to the PSI report released by the Nigerian Investment Promotion Commission (NIPC), the companies will not pay tax for the next three years, just as the report also revealed that the firms invested the said amount.

A pioneer status incentive grants companies making investments in qualifying industries and products a tax holiday of three years from the payment of company income tax.

The three-year tax holiday has the possibility of an extension for one or two additional years to enable the firm concerned to make a reasonable level of profit within its formative years.

According to the Q1’22 PSI report just released by the NIPC, the new beneficiaries of the tax incentive include West African Steel Processing and Export Limited, manufacturer of nails and welding electrodes; Ikorodu Steel Mills Limited, a steel manufacturing company; Matrix Fertiliser Limited; Outsource Global Technologies Limited, a business process outsourcing company; Global Alliance for Chemical Industries Limited, manufacturer of insecticides; African Float Glass Limited, a manufacturer of glass; A. A. Ibrahim & Company Limited, a rice milling firm; and Aarti Steel Pipe Mills (Nigeria) Limited, manufacturer of steel pipe.

Others are Bilaad Realty Nigeria Limited, a construction company; Global Independent Connect Limited, a telecoms infrastructure company; Smith City Hotel & Apartments Limited, an hotel development firm; Nest OGB Limited, also a hotel development company; PE Energy Limited, manufacturer of measuring testing and navigation equipment-flow meters and counting devices; and Climax Lubricants Industries Limited, manufacturer of lubricants.

With the new approvals, NIPC said the total number of beneficiaries of the tax incentive as of March 31, 2022, stood at 57, while a total of 181 applications are pending.

According to the Commission, the 57 companies have invested over N1 trillion in the economy and have over 6,000 employed staff.

The Commission disclosed that within the first quarter, 24 new firms applied for the PSI status in their respective industries.

Aside from the new applicants, the Commission said two companies had also filed for an extension of their tax holiday within the period under review. In the same period, a tax holiday extension was granted to four companies that were already benefitting from the incentive.

These include Labana Rice Mills Limited, a manufacturer of grain mill products; Crown Flour Mills Limited, a manufacturer of animal feeds; Olam Hatcheries Limited, a producer of day-old-chicks; and Royal Pacific Limited, a construction company.

Meanwhile, the Federal Government had recently inaugurated a Joint Committee of staff of the NIPC and the Federal Inland Revenue Service (FIRS) on Pioneer Status Incentive (PSI).

The committee was set up to review the current guidelines for administration of the PSI, validate the cost of the incentive to Nigeria, and recommend changes to the qualification and administration.

Commenting on the move, NIPC’s Executive Secretary/CEO, Ms. Yewande Sadiku, stated that the Commission understands the responsibility it shoulders in relation to administering the PSI and exercises great diligence in processing applications.

On his part, the Executive Chairman, FIRS, Mr. Muhammad Nami, encouraged members of the committee to invest their energy into the exercise as it is a means to assist the government to achieve an enabling business environment, bearing in mind the responsibility of the government to fund budgetary needs.

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