{"id":33548,"date":"2024-06-03T13:13:25","date_gmt":"2024-06-03T13:13:25","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=33548"},"modified":"2024-06-03T13:13:25","modified_gmt":"2024-06-03T13:13:25","slug":"fouani-11-others-secure-tax-holidays-from-nipc","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/06\/03\/fouani-11-others-secure-tax-holidays-from-nipc\/","title":{"rendered":"Fouani, 11 others secure tax holidays from NIPC"},"content":{"rendered":"

The Nigerian Investment Promotion Commission (NIPC) granted tax holidays to 12\u00a0companies in the first quarter of this year under the Federal Government\u2019s Pioneer Status Incentive (PSI) initiative.\u00a0NIPC disclosed this in its Q1 2024 PSI report just released.<\/span><\/p>\n

These new approvals brought the number of companies benefitting from the 3-year tax holiday to 104 at the end of the quarter.\u00a0<\/span><\/p>\n

The NIPC report shows that the 12 companies newly given tax holidays include\u00a0Fouani Nigeria Limited;<\/span>\u00a0Neway Power Technology Company Limited; Starich Recycle Technologies Company Limited; Gerawa Rice Mills Limited; Shafa Energy Limited; Mafa Rice Mills Limited; A. A Rano Nigeria Limited (haulage); and A.A Rano Nigeria Limited (Natural gas supplier).<\/span>\u00a0<\/span><\/p>\n

Others are Basma Agric Processing Limited; Flex Films Africa PVT Limited; Addmie Nutrition Limited; and Dufil Prima Foods Plc.\u00a0<\/span><\/p>\n

In addition,\u00a0NIPC also stated that it has granted approval in principle to nine other companies, who will join the beneficiary companies after fulfilling certain conditions.\u00a0\u00a0<\/span>They added that 18 new PSI applications were received in the first quarter of this year, while eight firms applied for an extension of their tax holiday, but only two were granted extensions.\u00a0\u00a0<\/span><\/p>\n

Meanwhile, a total of 213 fresh applications for the tax holiday are still pending as of Q1 2024, according to the NIPC report.\u00a0\u00a0<\/span><\/p>\n

Background<\/strong><\/p>\n

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.\u00a0<\/span>\u00a0<\/span><\/p>\n

The three-year tax holiday has the possibility of an extension for one or two additional years to enable the industry concerned to make a reasonable level of profit within its formative years.<\/span>\u00a0<\/span><\/p>\n

Last year, the NIPC said it approved\u00a0tax holidays for a total of 34 companies<\/p>\n

The Federal Government recently inaugurated a Joint Committee of staff of the NIPC and the Federal Inland Revenue Service (FIRS) to review the current guidelines for the administration of the PSI, validate the cost of the incentive to Nigeria, and recommend changes to the qualification and administration.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The Nigerian Investment Promotion Commission (NIPC) granted tax holidays to 12\u00a0companies in the first quarter of this year under the Federal Government\u2019s Pioneer Status Incentive (PSI) initiative.\u00a0NIPC disclosed this in its Q1 2024 PSI report just released. These new approvals brought the number of companies benefitting from the 3-year tax holiday to 104 at the […]<\/p>\n","protected":false},"author":27,"featured_media":33549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-33548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/33548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=33548"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/33548\/revisions"}],"predecessor-version":[{"id":33553,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/33548\/revisions\/33553"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/33549"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=33548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=33548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=33548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}