Business

Dangote, Sinotrucks and 36 other companies get three-year tax holiday

Published

3 years ago

2020/11/12

The third quater-report by the Nigerian Investment Promotion Commission, revealed that, the following Nigerian companies are to enjoy a tax free period.

The companies are; Dangote, Sinotrucks West Africa, Lafarge Africa Plc, Honeywell Flour Mills and 34 other firms have been given three-year tax holiday, in what the Nigerian Government has described as Pioneer Status Incentive .

The report stated that six new Pioneer status incentive were granted to companies. These new approvals were given to Honeywell Flour Mills Nigeria Plc, Kalambaina Cement Company Limited, Wells Hosa Greenhouse Farm limited, Daily Need Industries Limited, Savannah Sugar Company Limited and Tribute Lifestyle Global Concept limited.

The report also said that it rejected 60 applications for the Pioneer status Incentive because the companies failed to present requested additional information in months.

The Pioneer Status Incentive is a tax break 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.

Honeywell was granted the incentive in April 2020, and it would expire on December 2021.

Lafarge was granted the incentive in January 2018, and it would expire in December 2020.

Dangote Sinotrucks West Africa was granted the incentive on January 2019 and it would expire on December 2021.

The report encouraged qualified companies to apply for the pioneer status incentive and other tax incentives from the government.