This is contained in the fourth quarter 2023 report on pioneer status incentive application published by the Nigerian Investment Promotion Commission .
The incentive, which is provided with three years of tax relief under the Industrial Development Income Tax Act, is widely recognised as an industrial measure meant to encourage economic investment.According to the report, the number of beneficiaries enjoying pioneer status under the Industrial Development Income Tax Act increased from 83 in the first quarter of 2023 to 107 firms by Q4 of 2023.
NIPC said: “Extension approvals are subject to the payment of application fees and only take effect after the payment of such fee.
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