What is the procedure for Pioneer Status application in Nigeria?

What is the procedure for Pioneer Status application in Nigeria?

November 14, 2019

Pioneer status is also known as a Tax holidayand it is an incentive granted to a company to be exempted from paying tax for a period of time. The initial grant is usually for a period of three years and an additional period of one or two years if an extension is applied for and granted. The essence of this incentive is to promote economic growth in the country.

It is the National Investment Promotion Commission (NIPC) that grants Pioneer status to corporate entities. Below is a breakdown of the procedure for this application;

  1. Application letter addressed to the NIPC.
  2. Presentation of your project.
  3. Pay the required fee.
  4. Submit the first part of the application to the secretary of NIPC with supporting documents.
  5. Consideration stage. This is the stage were the project will be visited and all legal requirements checked for verification.
  6. You will be required to pay a service charge and send evidence of payment to NIPC.
  7. NIPC issues approval-in – principle to the company and sends same to the necessary commissions to be notified such as the Federal Inland Revenue Service (FIRS).
  8. Complete the second part of the application Form and send a soft copy or hard copy to IID
  9. The Industrial Inspectorate Division (IID) of the Federal Ministry of Industry reviews the application and a date for inspecting the project is booked.
  10. The IID will issue a Production Day Certificate and send same to the NIPC
  11. The NIPC issues the Pioneer Status Certificate.

This process can take as long as four (4) months to conclude.

618 Bees can help you quickly and easily obtain Pioneer Status Incentive for your business. 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 and Federal Ministry of Industry.

 

 

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

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    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

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