LBW

Tuesday, 8 August 2017

TAX BREAK FOR 27 INDUSTRIES IN NIGERIA!

The Federal Government, in its move to transform the economy announced tax breaks for some 27 industries, including the creative industry in Nigeria
The Pioneer Status grants industries tax breaks for a period of three years which may be renewed

The project which has been tagged Pioneer Status seeks to grant tax breaks from the payment of corporate income tax and withholding tax on dividend from pioneer profits for an initial period of three years, extendable for one or two additional years.

The ‘Pioneer Status’ for the Creative Industry covers music production, publishing and distribution (including online digital distribution); Photography; Production and post-production of digital content for motion pictures, videos, television programmes, commercials, distribution and exhibition (digital movies, animation, videos, tv programmes and commercials); Publishing of books (copyrighted books) and development and Publishing of ready-made software (operating systems, software applications and computer games).


Other industries where the tax breaks will positively affect include:

Mining and processing of coal

Processing and preservation of meat/poultry and production of meat/poultry products

Manufacture of starches and starch products

Processing of cocoa;

Manufacture of animal feeds;

Tanning and dressing of Leather;

Manufacture of leather footwear, luggage and handbags;

Manufacture of household and personal hygiene paper products;

Manufacture of paints, vanishes and printing ink;

Manufacture of plastic products (builders’ plastic ware) and moulds;

Manufacture of batteries and accumulators;

Manufacture of steam generators;

Manufacture of railway locomotives, wagons and rolling stock;

Manufacture of metal-forming machinery and machine tools; Manufacture of machinery for metallurgy;

Manufacture of machinery for food and beverage processing;

Manufacture of machinery for textile, apparel and leather production;

Manufacture of machinery for paper and paperboard production;

Manufacture of plastics and rubber machinery;

Waste treatment, disposal and material recovery;

E-commerce services;

Real estate investment vehicles under the Investments and Securities Act;

Mortgage backed securities under the Investments and Securities Act; and

Business process outsourcing.

How many of these things are manufactured here anyway? Or better still, what can you get into and take advantage of the tax breaks?

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