Posted By: | December 11, 2020 |

‘Pioneer Status’ Tax Incentive in Nigeria: A Commentary on Recent Developments and Implications for Businesses

On 2 August 2017, Nigeria’s Federal Executive Council (FEC) reviewed the list of “pioneer industries and pioneer products” (Pioneer List), drastically affecting the potential tax treatment of subject sectors and products. This culminated in the issuance of the Application Guidelines for Pioneer Status Incentive (AGPSI), 2017 by the Ministry of Industry, Trade and Investment (MITI). A pleasant surprise was the inclusion of the creative industry (film and music) amongst the 27 new additions to the Pioneer List, in line with government’s promise to further encourage a sector that was created out of resilience of practitioners; Nollywood’s giant strides is symbolic of how the industry has put Nigeria in global reckoning. With more support, it would definitely be more impactful.

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