FG granted 34 companies three-year tax holidays, incentives, waivers in 2023 — NIPC

The Federal Government  granted at least 34  approvals for tax holidays, tax incentives and waivers under the Industrial Development Income Tax Act in 2023, says the Nigerian Investment Promotion Commission.

Disclosing this during an end-of-the-year press briefing organised by the commission in Abuja, was the Head of incentives administration at the commission,  Lovina Kayode.

She said, “The pioneer status incentive is a stimulus that allows a company to get three years of not paying corporate income tax, just to get more investments.

“This process is stringent because our parent ministry and the Federal Inland Revenue Service are involved to make sure the right investors get this incentive.

“So far this year, we granted 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. However, there is already a notion that Nigeria gives out too many waivers, incentives, and concessions.

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