What are the products/industries eligible for Pioneer Status Incentive in Nigeria?

What are the products/industries eligible for Pioneer Status Incentive in Nigeria?

October 25, 2019

Pioneer status incentive is a tax holiday given to companies for a period of time to encourage the growth and development of the Nigerian economy. A new company or an existing company with an expansion plan may apply for the Pioneer Status Incentive which lasts for 3 years and is renewable upon application for 2 more years. The Industries/products that are entitled to the Pioneer Status Incentive are;

  1. Industries that engage in cultivation, Processing and Preservation of food crops and fruits.
  2. Integrated dairy production.
  3. Deep sea trawling and processing, Coastal fishing and shrimping.
  4. Mining lead, zinc, and iron and steel from iron ore.
  5. Manufacture of iron and steel from Iron ore,the smelting and refining of non-ferrous base metal and the manufacture of their alloys.
  6. Mining and processing of barytes, bentonites and associated minerals.
  7. Manufacture of oil well drilling materials containing a predominant proportion of Nigerian raw materials.
  8. The manufacture of cement,Manufacture of glass and glassware.
  9. Manufacture of lime from local limestone
  10. Quarrying and processing of marbles.
  11. Manufacture of ceramic products.
  12. Manufacture of basic and intermediate.
  13. Formulation and manufacture of pharmaceuticals.
  14. Manufacture of yeast, alcohol and related products.
  15. Manufacture of paper pulp.
  16. Manufacture of yarn and man-made fibres.

618 Bees can help you quickly and easily obtain this Incentive. Log on to our website www.618bees.comor email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your application with the NIPC.

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • Why must I file Annual Returns?

    It is a mandatory statutory requirement under the Companies and Allied Matters Act to file Annual Returns yearly. 

  • Must my Company Secretary be a Lawyer?

    Although it’s ideal to have a lawyer as a company secretary, it is not compulsory for small private businesses.

  • What is a testimonium clause in an agreement?

    This is the part of the agreement where the witness attests to have witnessed the execution of the agreement.

  • What are the penalties for not registering my products with the SON?
      1. Seizure of goods by the Inspectorate and Compliance Directorate
      2. Payment of a fine.
      3. Prosecution

     

  • What is classified as personal data?

    Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.

  • Who benefits from copyright protection?

    The creator of a copyright work, usually referred to as the “author” of the work owns the copyright in the work in the first instance. However, the author is at liberty to transfer his rights to a third party. In such a case, the person who has obtained the right by transfer or other legal means becomes the owner of the copyright.

  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office

  • What’s the difference between a business name and an LLC?
    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 

  • Can I trademark my logo and name separately? Why is this a good idea?

    Yes you can. The advantage is that it gives you the opportunity to have more than one logo or the opportunity to change your logo easily as opposed to registering the name and the logo as one trademark.

Call Us Now on +234 901 719 0079 Chat on WhatsApp