NIPC releases its Q3 2020 report on Pioneer Status Incentive (PSI) applications

Nigerian Investment Promotion Commission (NIPC) has released the Q3 2020 report on the Pioneer Status Incentive (PSI) applications processed between July 1 and September 30, 2020.

According to the report, 28 new applications and 3 extension applications were received during the period. Out of the 28 new applications for the quarter:

• 3 approvals in principle were granted.
• 1 extension application was approved.
• No approvals were denied during the period.
• The Report further reveals that 3 companies had their production date certificate confirmed.

(READ MORE: Land Border Permit: BUA also given approval to transport cement to Niger Republic)

What you need to know

• Pioneer Status Incentive (PSI) 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 at 30 September 2020, 37 companies were still enjoying PSI, 102 applications are still pending, and 60 applications abandoned.

NIPC Issues Report On Pioneer Status Incentive Applications For Third Quarter 2020 – https://t.co/xruE2hrFbG

— NIPC (@nipcng) November 11, 2020