Last week, the Federal Government announced the inclusion of 27 enterprise to the list of pioneer industries and products that would enjoy pioneer status under the Industrial Development Income Tax Relief Act.
Through this they would enjoy tax holidays for three years, which would enable them grow and expand investments.
The list of companies to enjoy the Federal Government tax break under pioneer status has been released.
See them below:
- Mining and processing of coal
- Processing and preservation of meat/poultry and production of meat/poultry products
- Manufacture of starches and starch products
- Processing of cocoa
- Manufacture of animal feeds
- Tanning and dressing of Leather
- Manufacture of leather footwear, luggage and handbags
- Manufacture of household and personal hygiene paper products
- Manufacture of paints, vanishes and printing ink
- Manufacture of plastic products (builders’ plastic ware) and moulds
- Manufacture of batteries and accumulators
- Manufacture of steam generators
- Manufacture of railway locomotives, wagons and rolling stock
- Manufacture of metal-forming machinery and machine tools
- Manufacture of machinery for metallurgy
- Manufacture of machinery for food and beverage processing
- Manufacture of machinery for textile, apparel and leather production
- Manufacture of machinery for paper and paperboard production
- Manufacture of plastics and rubber machinery
- Waste treatment, disposal and material recovery
- E-commerce services
- Software development and publishing
- Motion picture, video and television programme production, distribution, exhibition and photography
- Music production, publishing and distribution
- Real estate investment vehicles under the Investments and Securities Act
- Mortgage backed securities under the Investments and Securities Act
- Business process outsourcing
Okechukwu Enelamah, minister of industry, trade and investment, revealed the list of industries in a statement released by the ministry on Monday.
According to the statement, the industry has also released new guidelines for pioneer status industries.
“In line with the reform provisions, all additions will be added to the list immediately, and all deletions will be removed from the list in 3 years,” the statement read.
“The federal government is committed to encouraging and attracting investments into critical sectors of the economy which will significantly impact development and deliver key benefits to the country,” Enelamah said.
“These benefits include economic growth and diversification; industrial and sectoral development; employment; skills and technology transfer; export development; and import substitution.”
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