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    Breaking: Iran launches missiles at US bases in the Middle East

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    Federal Government declares June 6 and 9 public holidays

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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    FG increases private university application fee from N5m to N25m

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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Cement Manufacturing off the Pioneer Status Incentives

Monday, 3 August 2020, 7:24 pm
in News, Nigeria
0
Cement Manufacturing off the Pioneer Status Incentives
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The pioneer status incentive for cement manufacturing in Nigerian has elapsed, as cement manufacturing was scheduled to go off the list of pioneer industries and products, from August 2020 in the absence of any changes by Nigerian Investment Promotion Commission (NIPC) as stated on the list published on 14th August 2017.

The Pioneer Status Incentive was established by the Industrial Development (Income Tax Relief) Act, No 22 of 1971 and is a tax holiday which grants qualifying industries and products relief from payment of corporate income tax for an initial period of three years, extendable for one or two additional years.

According to the 14 August 2017 list, the manufacture of “Clinker and cement” will be on the list until “01 August 2020”

Extract from the list, source NIPC list of pioneer industries and products

There are 99 sub-sectors still on the list of pioneer industries and products include crop production, livestock, fishing, forestry, mining of coal, Refining of Crude Oil and gas production, manufacture of food and beverage products, manufacturing of machinery for metallurgy, transportation, construction of building, electricity and gas supply, maintenance and repair overhaul, manufacture of motor vehicles and components and other transport equipment, manufacture of electrical equipment and electronics among others.

Have you read?

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In a tweet on Monday, Tolu Ogunlesi Special Assistant to President Muhammadu Buhari on Digital and New Media wrote “We are now in August 2020. Barring any changes, Cement is now off the Pioneer Status Incentives (PSI) List. Meanwhile, E-commerce, Software, Animation, Music, Film and TV were added to the list in 2017/18.”

Written by;

Ifunanya Ikueze

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