News & Events

NOV 2018 NEWS OGHOGHO MAKINDE AND JESUTOFUNMI OLABENJO

The Federal Government of Nigeria (FGN) has published an official gazette (“the Gazette”) of the current list of pioneer industries and products (“the List”) approved by the Federal Executive Council (“the FEC”) in August 2017. Though released in November 2018, the Gazette became operative in August 2017.

The Gazette embodies the first update to the List since March 2006. The List contains the activities which are qualified for the Pioneer Status Incentive, a tax holiday which grants company income tax relief for a preliminary period of 3 years, renewable for an additional period of two (2) years. In addition to income tax holiday, pioneer status confers other advantages, like exclusion of dividends from withholding tax during the period pioneer status is effective.

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