The Federal Executive Council has approved the inclusion of 27 new industries/products as eligible for pioneer status incentive, a corporate income tax exemption for up to 5 years. While mineral oil prospecting and production has been removed, new industries/products under consideration include Waste management/recycling; Oil refining and petrochemical; Regional shared service centres and Preservation of food crops.
The new scheme will also classifiy eligible companies in terms of new investments (greenfields) and expansions (brownfields) with varying qualifying criteria.
Watch this space for more details.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.