Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Dangote, Promasidor, 13 other companies denied exemption from income tax

Damilare Famuyiwa by Damilare Famuyiwa
September 25, 2019
in Business News
Four dangerous circumstances forces FG to close Enugu Airport until further notice, aviation sector. FG’s conditional cash transfer progarmme gets more beneficiaries despite criticism
Share on FacebookShare on TwitterShare on Linkedin

The Federal Government through the Nigerian Investment Promotion Commission (NIPC), has denied the application of 15 companies which sought to be granted the pioneer status under the Industrial Development Income Tax Act.

The companies are Umugini Asset Company, Aristocrats Industries Ltd, Guinness Nigeria Limited, StrongPack Limited, Grit System Ltd, Scott Industries Limited and Flexipack Ltd.

Others include Ultimus Constructions Ltd, NG Clearing Ltd, Dangote Ibese Lines 3 and 4, Dangote Cement Obajana Line 4, Promasidor Nigeria Ltd, Daraju Industries Ltd, West African Packaging Ltd and Flour Mills of Nigeria Plc.

RelatedPosts

Meet Yewande Sadiku, Nigeria’s chief investment promoter

Public-Private Partnership infrastructure model, a result of successful tax credit initiative – Osinbajo

Why the applications were denied: The NIPC in its report, disclosed that the requests from 2 out of the 15 firms were time-barred while the activities of 10 other firms were not covered under the pioneer status-incentive list.

[READ MORE: Tax defaulters: Firms can challenge FIRS in court as deadline approaches]

News continues after this ad


Explaining the situation of the 3 other companies, the commission stated that their applications were rejected because their expansion projects were not eligible under the Industrial Development Income Tax Relief Act.

According to the report of the second quarter Pioneer Status Incentive obtained from the NIPC, while 15 companies had their applications rejected, approval in principle was given to 10 firms. The report also has it that that 2 firms had their applications extended while 181 other applications were still pending.

More so, the number of firms presently benefiting from the tax incentive scheme was put at 32 while 104 companies had abandoned their applications with the NIPC.

News continues after this ad


Overview: The Pioneer Status Incentive is a tax holiday that grants qualifying companies the relief from the payment of corporate income tax for an initial period of 3 years, renewable for 1 or 2 additional years.

[READ MORE: 10 Nigerian companies pay a combined N187.9 billion taxes in first half of 2019]

While the tax exemption can be full or partial, it is pertinent to note that companies with the pioneer status do not have to pay tax for a specific period.

Related

Tags: Industrial Development Income Tax ActNigerian Investment Promotion Commission (NIPC)

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • FBN Holdings appoints Samson Oyewale Ariyibi, Patrick Iyamabo as executive directors
    • International Breweries gets NGX’s approval for free float compliance extension
    • Can Elon Musk buy Manchester United?

    Follow us on social media:

    Recent News

    The ABCs of Accessing Finance for your Business

    FBN Holdings appoints Samson Oyewale Ariyibi, Patrick Iyamabo as executive directors

    August 17, 2022
    Despite intensive advertising, International Breweries reported lower revenue and a loss 

    International Breweries gets NGX’s approval for free float compliance extension

    August 17, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com