{"id":122505,"date":"2021-12-18T09:22:12","date_gmt":"2021-12-18T08:22:12","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=122505"},"modified":"2021-12-18T09:22:12","modified_gmt":"2021-12-18T08:22:12","slug":"nipc-reveals-eight-new-companies-to-enjoy-three-year-tax-holiday","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/12\/18\/nipc-reveals-eight-new-companies-to-enjoy-three-year-tax-holiday\/","title":{"rendered":"NIPC reveals eight new companies to enjoy three-year tax holiday"},"content":{"rendered":"<p>The Nigerian Investment Promotion Commission (NIPC) has approved the pioneer status incentive (PSI) applications of eight companies in the third quarter of 2021.<\/p>\n<p>The approval was made known by the commission in its<span data-preserver-spaces=\"true\">\u00a0PSI report published on Friday.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Industries that qualify for the PSI are exempted from paying company income tax for an initial period of three years with the possibility of an extension for one or two years.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The incentive is listed in the Industrial Development Act (Income Tax Relief), administratively regulated by the <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/11\/10\/afreximbank-to-nipc-attract-more-foreign-direct-investments-into-nigeria\/\">NIPC<\/a>.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The NIPC said it received 28 new PSI applications and six applications for extension in the third quarter.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Approvals-in-principle were granted to 16 companies, three extension applications approved, and eight PSI applications were granted.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the report, the eight new beneficiaries include Belanova Apartment and Suites Limited (hotel development); Al-Wabel Rice Mill Limited (rice milling); JMG Nigeria Limited (electric generators, power control, and distribution); Jigawa Rice Limited, (rice milling); and DCP Cement Plc (manufacture of cement).<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Others are Locodove Ventures Limited (office building), Resource Improvement and Manufacturing Company Limited (processing of edible oil), and Okpella Cement Plc (manufacture of cement).<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">With the eight new PSI granted, a total of 35 companies, including Dangote Sinotrucks West Africa (trucks, tippers, and tractors) and Honeywell Flour Mills Nigeria Plc (pasta and macaroni), are still enjoying the initiative as of September 30, 2021.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the report, a total of 168 PSI applications are still pending.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Nigerian Investment Promotion Commission (NIPC) has approved the pioneer status incentive (PSI) applications of eight companies in the third quarter of 2021. The approval was made known by the commission in its\u00a0PSI report published on Friday. Industries that qualify for the PSI are exempted from paying company income tax for an initial period of [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":76900,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[25380,25379,15363,25378],"class_list":["post-122505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-income-tax","tag-industrial-development-act","tag-nipc","tag-pioneer-status-incentive-psi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NIPC reveals eight new companies to enjoy three-year tax holiday<\/title>\n<meta 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