.As Lafarge, 3 other firm certificates expire this year
No fewer than 25 firms were granted tax waivers by the federal government under the pioneer certification incentive in 2019.
It is, however, worthy of note that waiver is usually granted to companies operating in industries considered not sufficiently developed enough in any country but have favourable prospects if encouraged with such pioneer status.
With the waiver, benefiting companies are granted full or partial exemption from tax obligations for a certain period, to enable them to get established.
However, in Nigeria names of the benefitting firms were published in the 2019 ‘Annual Report of Issued and Cancelled Pioneer Certificates.’ The report, by the Nigerian Investment Promotion Commission (NIPC), covered January 1, 2019, to December 31, 2019.
The Commission said the report will soon be gazetted to ensure full compliance with the requirement of the Industrial Development (Income Tax Relief) Act.
The incentive is considered an industrial measure to stimulate fresh investments in the economy.
Meanwhile, four of the beneficiaries companies; Gowus Nigeria Limited, Lafarge Africa Plc, Edimara Properties Limited and Wacot Rice Limited all have certificates that will expire this year, while other certificates will expire at various times in 2021.