27 industries to enjoy FG’s Pioneer status on new guidelines

August 7, 2017
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Demola
Posted in Economy Industry

Twenty-seven industries, including coal, meat/poultry, cocoa, Music production, publishing and distribution, among others are now to enjoy the new pioneer status of the federal government.

The list released in Abuja on Monday was released together with some new guidelines on how the new policy would run to ensure it adequately impacts on the economy, while, especially ensuring it helps advance government’s ease of doing business drive.

Okechukwu Enelemah,the Minister of Industry Trade and Investment, who announced this said ‎these are part of measures to reduce the cost of doing business in Nigeria by providing corporate income tax relief to qualifying companies making investments in industries designated as “pioneer”.

“In Pursuit to the Industrial Development Income Tax Relief Act,No 22 of 1971,the Pioneer Status incentive grants companies making investments in quality industries and products ‎a tax holiday from the payment of company income tax for an initial period of three years, extendable for one or two additional years.,” he stated, briefing the press.

It would be recall federal executive council has in its last meeting announced the lifting of the suspension, stating that it is determined to remove bottlenecks dragging the ease of doing business in the country.

Other industries include; Manufacture of batteries and accumulators; Manufacture of steam generators, Manufacture of railway locomotives, wagons and rolling stock; Manufacture of metal-forming machinery and machine tools; Manufacture of machinery for metallurgy; Manufacture of machinery for food and beverage processing; Manufacture of machinery for textile, apparel and leather, Music production, publishing and distribution, among others.

Source: Business Day