Yesterday the Federal Executive Council (FEC) approved the inclusion of additional 27 industries to the list of pioneer industries and products that would enjoy tax holiday under the Industrial Development Income Relief Act. The Minister of Industries, Trade and Investment, Okechukwu Enelamah who made the disclosure while briefing State House Correspondents after the FEC meeting also hinted that the Council resolved not to include oil prospecting companies governed by the Petroleum Profit Tax in the pioneer industries' list.
According to him "...against this backdrop, we then approved 27 industries that were recommended for addition to the pioneer list today. We also recommended and it was accepted by the council that mineral oil prospecting, which is governed by the Petroleum Profit Tax, should not be part of the pioneer industries’ list, which is meant for industries governed by the Companies Income Tax.”
The Minister who failed to list the 27 companies stated that the companies would enjoy tax holidays ranging from three to five years stressing that the last review was carried out in 2006. The exercise according to him paid attention to the Economic Recovery and Growth Plan to capture the current realities.
