FG lists 27 industries to enjoy tax break under pioneer status
The Federal Government on Monday released the full list of the 27 key industries and products included in the revised list of ‘pioneer status’ incentives for prospective investors.
At the end of the meeting of the Federal Executive Council last week, the Minister of Industry, Trade and Investment, Okechukwu Enelamah, disclosed the approval given to the 27 industries.
Enelamah did not, however, list the 27 industries.
Lai Mohammed, Minister of Information and Culture, later confirmed that the creative industry was among the 27.
Earlier, the trade and investment ministry announced the lifting of the administrative suspension on processing pioneer status incentives (PSI) applications for prospective investors in the country.
Some of the benefits of the pioneer status include tax relief, mainly for corporate income tax.
The full list of the 27 industries to enjoy the pioneer status include; 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 and manufacture of household and personal hygiene paper products.
Others includemanufacture 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 and manufacture of machinery for food and beverage processing.
Also included aremanufacture 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; and business process outsourcing.
