A recent report reveals that despite the Federal Government’s intention to discontinue tax exemption programs to boost revenue, about 107 companies, including major players like Dangote and Mikano International, are currently enjoying tax exemptions.
According to the latest Pioneer Status Incentive (PSI) report from the Nigerian Investment Promotion Commission, the number of beneficiaries under the Industrial Development Income Tax Act increased from 83 to 107 firms between the first and fourth quarters of 2023.
These companies operate across various sectors such as manufacturing, pharmaceuticals, information and communication, and infrastructure, among others.
Notable beneficiaries include Dangote Fertilizers, Mikano International Limited, and Sinotrucks West Africa Limited.
While the report did not specify the amount granted to these companies, data from the Federal Inland Revenue Service annual reports indicate that approximately 71 companies received N390.26 billion
