Nigerian Investment Promotion Commission (NIPC) has gazetted reports containing the details of Pioneer Certificates that were issued and cancelled in 2017 and 2018, as required by the Industrial Development (Income Tax Relief) Act Cap I7 LFN 2004 (IDITRA). The reports, which contain the details of companies that benefitted from Nigeria’s Pioneer Status Incentive (PSI), are available here.
The reports show that pioneer certificates were issued to 13 companies in 2017 and 36 in 2018. No pioneer certificate was cancelled in 2017, but one was cancelled in 2018, at the beneficiary company’s request.
NIPC had also gazetted:
- the Ministerial Order dated 01 August 2017, delegating some of the powers of the Honourable Minister of Industry, Trade and Investment under IDITRA to the Executive Secretary of NIPC; and
- the Application Guidelines for PSI, which were signed by the Honourable Minister on 07 August 2017.
The publication of these documents in federal gazettes represents a key milestone, as they complete the first phase of reform of the PSI process which started in 2015. NIPC’s publication of the disclosure requirements under IDITRA demonstrate the transparency and accountability now built into the administration of PSI. Since the lifting of the administrative suspension of PSI in August 2017, NIPC has published quarterly reports of processed applications, which are available on the Commission’s website (link).
The PSI grants company income tax relief, for 3 to 5 years, to profits from qualifying activities. For more information on the PSI and to access the current list of eligible activities, please click here