• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, June 26, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

NIPC grants tax exemption to 34 companies

Tax

The Matters Press by The Matters Press
December 31, 2023
Reading Time: 2 mins read
0
FIRS deploys tech platform for tax collection

Abuja, Dec. 31, 2023:The Nigerian Investment Promotion Commission (NIPC) has granted three years tax exemption to 34 companies in 2023.

RELATED POSTS

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

Mrs Lovina Kayode, Head of Incentives Administration, NIPC, told newsmen in Abuja that the exemption was to promote the company’s investments and to grow the nation’s economy.

“This tax exemption known as Pioneer Status Incentives (PSI) is executed under the Investors Relations Department of the NIPC and allows a company three years of not paying Corporate Income Tax,” she said.

According to her, not all companies are granted incentives due to stringent procedures followed by the commission on waivers awards.

While acknowledging the high amount of revenue lost to waivers granted every year, Kayode said what mattered was the bigger picture, amount of forex brought into the country.

She said, “The Federal Inland Revenue Service(FIRS) and our parent ministry, the Ministry of Industry Trade and Investment, is also part of this process to ensure the right investors get this incentive.

“So far this year, 34 applications have been approved, and one of the things we intend to do is to ensure we are not just giving incentives to undeserving companies.

“Meanwhile, there is already a notion that Nigeria gives out too many waivers, incentives, and concessions.

“However, tax expenditure, which means what the government has lost by granting PSI, is just a small amount compared to what the country gains by granting these incentives to qualified companies.”

Kayode revealed plans by the commission to publish impact assessment reports on the effectiveness of the pioneer status report on job creation and other economic activities to promote investments.

“On impact, that is one thing NIPC is planning on, next year, 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 and what kind of import substitution has come about because we granted these incentives.

“And how much will the government gain after the three years of them(the companies( not paying these taxes,” she added.

The Head, Policy and Advocacy of NIPC, Salami Abayomi, expressed displeasure at the rate at which foreign companies/investors were leaving the country.

According to him, a lot of challenges are responsible for this development, but the commission is already collaborating with relevant agencies in the country to address the issue.

He expressed optimism that by 2024, the efforts of the agencies in that regard would yield positive impact.

Earlier, NIPC’s Executive Secretary, Aisha Rimi, reiterated the commission’s commitment to facilitate and assist investors to gain inroad into the country.

Tags: NIPCTax
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
ECOWAS, Sahel states in deal to  confront terrorism
Foreign

ECOWAS, Sahel states in deal to confront terrorism

June 20, 2025
Next Post
Africa needs partnership to boost blue economy – Tinubu

Nigeria’s fiscal policies hurting but …. Tinubu

Kano Local governments propose N229bn for 2022

2024 budget on exchange rates consideration unrealistic – Expert

Recommended Stories

Trading in Nigerian stock market dips further N83bn

Stock Market capitalisation drops N137bn

July 27, 2022
Kano Local governments propose N229bn for 2022

2024 budget on exchange rates consideration unrealistic – Expert

January 1, 2024
Food shortage: Nigeria bans foreigners from direct purchase of produce from farmers

Food and transport costs keep December inflation high

January 1, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
  • Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us