NIPC has gazetted reports containing the details of pioneer certificates 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 set out the details of companies that benefitted from Nigeria's Pioneer Status Incentive (PSI), are available on the NIPC website.
In addition to the certificate registers, NIPC also gazetted the Ministerial Order dated 1 August 2017, which delegated certain powers of the Honourable Minister of Industry, Trade and Investment under IDITRA to the Executive Secretary of NIPC, as well as the Application Guidelines for PSI signed by the Honourable Minister on 7 August 2017.
The publication of these documents in Federal Gazettes marks a key milestone, completing the first phase of the PSI process reform that commenced in 2015. Since the lifting of the administrative suspension of PSI in August 2017, NIPC has published quarterly reports of processed applications, demonstrating the transparency and accountability now built into the administration of the programme.
The PSI grants company income tax relief for three to five years on profits from qualifying activities. For more information on the PSI and to access the current list of eligible activities, visit the NIPC website.
