In order to encourage investments in the healthcare and pharmaceutical sectors, Nigerian Investment Promotion Commission (NIPC) has advised that several activities in these sectors qualify for the 3-5 year company income tax holiday that it administers under the Pioneer Status Incentive (PSI) Scheme.
The activities qualifying include:
||Manufacture of pharmaceuticals and medical chemicals.
- Medicinal active substances to be used for their pharmacological properties in the manufacture of medicaments: antibiotics, basic vitamins, salicylic and o-acetylsalicylic acids;
- Medicaments – antisera and other blood functions, vaccines;
- Processing of blood;
- Medical diagnostic preparations ;
- Radioactive in-vivo diagnostic substances ;
- Biotech pharmaceuticals;
- Medical impregnated wadding, gauze, bandages, dressing.
||Manufacture of irradiation, electromedical and
- Irradiation apparatus and tubes, CT Scanners, PET scanners, magnetic resonance imaging (MRI) equipment, medical ultrasound equipment, electrocardiographs, electromedical endoscopic equipment, medical laser equipment, pacemakers, hearing aids.
||Manufacture of medical and dental equipment and supplies.
- Surgical drapes and sterile string and tissue; Surgical Instruments including disposables
- Dental fillings and cements, dental wax and other dental plaster preparations;
- Bone reconstruction cements; dental laboratory furnaces;
- Laboratory ultrasonic cleaning machinery;
- Laboratory sterilisers;
- Distilling apparatus, centrifuges;
- Medical, surgical, dental or veterinary furniture (operating tables, examining tables, hospital beds, dentists chair);
- Bone plates and screws, syringes, needles, catheters, cannulae;
- Dental instruments;
- Orthopaedic and prosthetic devices; medical thermometers.
||Construction and operation of non-residential buildings.
- Health supporting structures: specialised hospitals, diagnostics, laboratories, medical cities
A full list of qualifying activities can be found here
Qualifying activities cut across major sectors of the economy including agriculture, mining & quarrying, manufacturing, electricity and gas supply, waste management, construction, trade, information and communication.
The PSI was established by the Industrial Development (Income Tax Relief) Act, 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.