▪︎Executive Secretary of NIPC, Mrs. Aisha Rimi.
The Nigerian Investment Promotion Commission (NIPC) says it will investigate and publish the impacts assessment of the federal government’s tax holidays to industries.
Tax holiday is an incentive granted by the government to qualifying industries exempting them from the payment of corporate income tax for an initial period of three years, extendable for one or two additional years.
The Commission declared that 34 industries benefited from the pioneer status tax incentives in 2023.
Lovina Kayode, Head of Incentives Administration, NIPC, gave this hint in Abuja , at an event to wrapped up the Commission’s activities for the year.
” On impact, that is one thing NIPC is planning on, in 2024; it is one of our biggest tasks to do an impact assessment. These incentives we gave out, how have they impacted the country in terms of job creation?.
“How many jobs are the companies creating and what kind of import substitution has come about because we have granted these incentives and how much would the government gain after the three years of them not paying these taxes,” she said.
Earlier reports had put the average annual tax waiver figure at about N5 trillion.
“How many jobs are the companies creating and what kind of import substitution has come about because we have granted these incentives and how much would the government gain after the three years of them not paying these taxes.”
The NIPC’s second-quarter report for 2022 records that about 71 companies benefited from this tax incentive, compared to the 46 companies reported at the end of 2021.
Companies including Dangote Sinotrucks West Africa Limited, Lafarge Africa Plc, Honeywell Flour Mills Nigeria Plc, Jigawa Rice Limited, and Stallion Motors Limited, among others had benefited from tax waivers from pioneer status incentives.
By Franklin Ocheneyi