10 companies’ applications seeking pioneer status under the Industrial Development Income Tax Act in Q1 2021 have been rejected by the Federal Government.
The pioneer status is an incentive offered by the Federal Government which exempts companies from paying income tax for a certain period.
An analysis of the first quarter Pioneer Status Incentive report obtained by The PUNCH from the Nigeria Investment Promotion Commission showed that while the requests of 10 firms were denied, three companies had their applications approved-in principle and six firms were granted PSI for a three-year period.
The report also revealed that 33 firms are currently benefitting from the tax incentive scheme while the requests of 132 companies were still pending.
The six companies that were granted a tax holiday between January and March are Pan African Towers Ltd, African Foundries Ltd, Aarti Rolling Mills Limited, Princess Medi-Clinics Nigeria Litd, Medlog Logistics Ltd and Tiamin Rice Ltd.
As of March 31 this year, these companies had invested N45.5m into the Nigerian economy.
Fountain Manufacturing Company Limited, Echostone Development Nigeria Limited, Al-Hamsad Rice Mill Limited, Benchmark Constructions Limited, Super Packaging Limited, Royal Foam Products Nigeria Limited, ENGIE Fenix Nigeria Limited, Flour Mills of Nigeria Plc, Envoy Hotel Limited and Flutterwave Technology Solutions Limited are the 10 firms whose applications were rejected.
The businesses that the 10 companies are engaged in are soap manufacturing, real estate development, rice milling, manufacturing of woven sacks, production of mattresses, solar power generation, manufacturing of grain products, and online payment services.
Further analysis of the NIPC report revealed that these companies were denied tax exemptions for various reasons, ranging from ineligibility of business activities for which incentives were sought to late submission of applications.
Akwa Ibom APC ward Congress marred by protests
Tinubu not hospitalised, he’s fine – Aide
Tokyo Olympics: Asher-Smith pulls out of 200m
Villa agree deal for Bailey as Grealish linked with Man City
Childhood friends win historic Olympic badminton gold for Taiwan
BBNaija: I lied to organizers about when I stopped self-harming – Angel
COVID-19 deaths increase by 80% in Africa, driven by Delta variant -WHO
Mercy Eke acquires new convertible Mercedes Benz worth millions of naira
Sound Sultan: 18 things to know about throat cancer
Court acquits ex-NBA President of N1.4bn fraud charge
Meet Igbo lady with Yoruba facial marks who was told will die if she looked in the mirror
VIDEO: DSS parades 13 suspects, recovered arms from Sunday Igboho’s residence
Igboho, Kanu: Who is naive now? BY Adekunle Ade-Adeleye
Nnamdi Kanu: A ‘circled dot’ in lion’s den BY Arogbonlo Israel
Kenya not aware of Nnamdi Kanu’s arrest – Spokesperson
FG planted guns in Sunday Igboho’s house – Deji Adeyanju
VIDEO: Gani Adams rallies Benin Republic monarchs for Sunday Igboho
FIDIO: Ǹjẹ́ Gbogbo Akitiyan Ìjọba Láti Mú Ẹ̀yìn Olóyè Sunday Ìgbòho Balẹ̀ Yìí Tọ́ Àbí Kò Tọ́?
VIDEO: Pastor Tunde Bakare declares National Movement
VIDEO: CCTV footage of nine-year-old suspect setting Prince Ebeano supermarket in Abuja on fire
VIDEO: Bandits release 28 abducted students of Bethel Baptist High School
VIDEO: Ladipo Market traders clash with security operatives
VIDEO: I passed through a lot in Oman, assaulted, owed wages, drugged and deported – Funmilayo Fehintola
VIDEO: Angry indigene calls out road contractor over substandard road project in Edo
Entertainment10 hours ago
Hollywood’s Bob Odenkirk recovering from heart attack days after collapsing on set
Metro9 hours ago
Human trafficking: We’ve rescued 100 South East victims in six months – NAPTIP
News11 hours ago
11 things to know about DSP Abba Kyari
Sports9 hours ago
Anxiety as AFN awaits details on Okagbare’s doping rule violation
Entertainment8 hours ago
13 things to know about Racheal Oniga
Entertainment10 hours ago
JUST IN: Screen diva Racheal Oniga dies at 64
Sports7 hours ago
Nigeria’s D’Tigers crashes out of Tokyo Olympics
Sports22 hours ago
Man United to be without Rashford till October