From Nigeria: Government Lifts Suspension on Grant of Pioneer Status and Approves 27 New Eligible Industries
Olaleye Adebiyi - Andersen Tax LP in Nigeria, a member firm of Andersen Global
The Federal Government has lifted the administrative suspension on the processing of Pioneer Status Incentives (PSI) applications which was put in place in September 2015 and released new guidelines for PSI applications. The new guidelines provide information on the conditions and timeline for assessing new PSI and extension applications.
The pioneer status which is granted pursuant to the Industrial Development (Income Tax Relief) Act, Cap I7, Laws of the Federation of Nigeria, 2004 grants companies making investments in designated industries and products, a tax holiday from payment of Companies Income Tax for an initial period of three years, extendable for one or two additional years.
For industries removed from the list, there will be a three-year window that will be allowed for those investing in that industry and enjoying pioneer status to carry on until the end of that three-year period.
The 27 new industries/products can be accessed through this link.