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