NIPC grants tax holiday to Daily Need Industries LTD
The Nigerian Investment promotion commission (NIPC) on the 11th of November 2020 disclosed 6 more additional companies with an investment value of N 175.28 billion granted Pioneer Status Incentive (PSI) for the third quarter (Q3) ended September 2020. Daily Need Industries limited with N 4.91 billion investment value is among the 6 additional companies granted the tax holiday for the manufacture of some pharmaceutical products.
The disclosure is contained here in the report on Pioneer Status Incentive (PSI) applications for third quarter 2020, issued by NIPC on Wednesday, November 11, 2020.
According to the NIPC, the Pioneer Status Incentive (PSI) was established by the Industrial Development (Income Tax Relief) Act, No 22 of 1971 and is a tax holiday which grants qualifying industries and products relief from payment of corporate income tax for an initial period of three years, extendable for one or two additional years.
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