BUSI­NESS 27 in­dus­tries to en­joy FG’s tax hol­i­day Nige­ria to build hubs in Jed­dah, others for food ex­ports – NEPC

Daily Trust - - NEWS - By Chris Agabi

The fed­eral gov­ern­ment has an­nounced a list of 27 new in­dus­tries that qual­i­fied for tax hol­i­day af­ter lift­ing the ad­min­is­tra­tive sus­pen­sion on pro­cess­ing Pioneer Sta­tus In­cen­tives (PSI) ap­pli­ca­tions.

The Min­is­ter of In­dus­try, Trade and In­vest­ment, Dr. Okechukwu Enelamah, told jour­nal­ists yes­ter­day in Abuja that the pioneer sta­tus ini­tia­tive seeks to en­hance the survival, prof­itabil­ity and sus­tain­abil­ity of ben­e­fi­ciary com­pa­nies.

The in­dus­tries added are: Min­ing and pro­cess­ing of coal; Pro­cess­ing and preser­va­tion of meat/poul­try and pro­duc­tion of meat/poul­try prod­ucts; Man­u­fac­ture of starches and starch prod­ucts; Pro­cess­ing of co­coa; Man­u­fac­ture of an­i­mal feeds; Tan­ning and dress­ing of Leather; Man­u­fac­ture of leather footwear, lug­gage and hand­bags; Man­u­fac­ture of house­hold and per­sonal hy­giene pa­per prod­ucts.

Others are: Man­u­fac­ture of paints, van­ishes and print­ing ink; Man­u­fac­ture of plas­tic prod­ucts (builders’ plas­tic ware) and moulds; Man­u­fac­ture of bat­ter­ies and ac­cu­mu­la­tors; Man­u­fac­ture of steam gen­er­a­tors; Man­u­fac­ture of rail­way lo­co­mo­tives, wag­ons and rolling stock; Man­u­fac­ture of metal-form­ing ma­chin­ery and ma­chine tools; Man­u­fac­ture of ma­chin­ery for met­al­lurgy; Man­u­fac­ture of ma­chin­ery for food and bev­er­age pro­cess­ing; Man­u­fac­ture of ma­chin­ery for tex­tile, ap­parel and leather pro­duc­tion.

The rest are: Man­u­fac­ture of ma­chin­ery for pa­per and pa­per­board pro­duc­tion; Man­u­fac­ture of plas­tics and rub­ber ma­chin­ery; Waste treat­ment, dis­posal and ma­te­rial re­cov­ery; E-com­merce ser­vices; Soft­ware devel­op­ment and pub­lish­ing; Mo­tion pic­ture, video and tele­vi­sion pro­gramme pro­duc­tion, dis­tri­bu­tion, ex­hi­bi­tion and pho­tog­ra­phy; Mu­sic pro­duc­tion, pub­lish­ing and dis­tri­bu­tion; Real es­tate in­vest­ment ve­hi­cles un­der the In­vest­ments and Se­cu­ri­ties Act; Mort­gage backed se­cu­ri­ties un­der the In­vest­ments and Se­cu­ri­ties Act; and Busi­ness process out­sourc­ing.

Pioneer Sta­tus In­cen­tive is a tax hol­i­day which 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 as pro­vided for un­der the In­dus­trial Devel­op­ment (In­come Tax Re­lief ) Act, No 22 of 1971 (IDA).

The Ex­ec­u­tive Sec­re­tary of the Nige­rian In­vest­ment Pro­mo­tion Coun­cil (NIPC) Ms Ye­wande Sadiku, said: “The re­forms have brought fur­ther clar­ity, pre­dictabil­ity and process ef­fi­ciency to the PSI regime. We will con­tinue the re­form process as we plan to take the PSI ap­pli­ca­tion process on­line. We will also en­gage with rel­e­vant stake­hold­ers with a view to up­dat­ing the ex­ist­ing leg­is­la­tions.”

The sus­pen­sion was placed on the pro­cess­ing of PSI ap­pli­ca­tions in Septem­ber 2015, to al­low for a com­pre­hen­sive re­view and re­form of the in­cen­tive regime. FLIGHT

SCHED­ULE

Dr. Okechukwu Enelamah

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.