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Business

NIPC grants tax holiday to Honeywell, Savannah Sugar, 4 others with N175.28 billion investments

6 additional companies with an investment value of N175.28 billion were granted Pioneer Status Incentive (PSI) by the NIPC.

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NIPC grants tax holiday to Honeywell, Savannah Sugar, 4 others with N175.28 billion investments, AfCFTA: Nigeria is more ready than most African economies - Yewande Sadiku

The Nigeria Investment Promotion Commission (NIPC) has disclosed that 6 additional companies with an investment value of N175.28 billion were granted Pioneer Status Incentive (PSI) for the third quarter (Q3) ended September 2020. These companies include:

  • Savannah Sugar Company Limited with N7.78 billion investments, granted tax-exempt to manufacture sugar.
  • Daily Need Industries Limited with N4.91 billion investment value, granted the tax holiday for the manufacture of some pharmaceutical products.
  • Tribute Lifestyle Global Concept Limited – an e-commerce player with N121 million investment, granted PSI for sales done predominantly or exclusively online.
  • Others are Kalambaina Cement Company with N107.54 billion investment value, granted PSI for manufacturing of cement.
  • Wells Hosa Greenhouse Farms with N5.47 billion investment value,  granted PSI for Crop production.
  • Honeywell Flour Mills Nigeria Plc with N49.45 billion investment value, granted PSI for manufacturing of Wheat (pasta – macaroni, spaghetti and sorghum).

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

The disclosure is contained in the report on PSI applications for third quarter 2020, issued by NIPC on Wednesday, November 11, 2020.

The report states that NIPC received new pioneer status applications from 28 companies, currently have 37 companies who are benefitting from the PSI. It also discloses that there are 102 pending applications for the PSI, with 60 companies abandoning their PSI applications.

READ: Honeywell reports N300 million pre-tax profits in Q2 2020

Pioneer Status Incentive (PSI) is a tax holiday provided under the Industrial Development (Income Tax Relief) Act, that grants qualifying industries, products relief, from the payment of corporate income tax for an initial period of three years, renewable for one or two additional years.

The report shows that Lafarge Africa Plc, Honeywell Flour Mills Nigeria Plc, Dangote Sinotrucks West Africa, Crown Flour Mills Limited, Maryland Mall Limited and 32 other companies are currently enjoying the PSI of the FG.

READ: Flour Mills of Nigeria Plc: Increase in agro-allied, others boost revenues

It also shows that 3 companies – Pan Africa Towers Limited, Aarti Rolling Mills Limited and Princess Medi-Clinics Nigeria Limited – were granted approval-in-principle for colocation/infrastructure hosting and sharing facility, manufacture of cold-rolled and flat-rolled products of steel and for construction and operation of non-residential buildings (specialized hospital).

READ: Berger Paints Nigeria Plc records 8.96% increase in 2020 9M revenues

Also, 3 extension applications were received during the period, while one extension application was approved. No approvals were denied during the period. The report further revealed that three companies had their production date certificate confirmed.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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