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Tax Holiday For The Creative And Innovative Industries

Published: Friday, September 7, 2018

Following the announcement by the Vice President of the Federal Republic of Nigeria Professor Yemi Osinbajo in June 2018, companies operating in the creative and innovative industries are now eligible for pioneer status incentive.  With this announcement, companies manufacturing products or rendering services in media and broadcasting; technology; e-commerce; photography; music production and publishing; amongst others, qualify for the tax relief.

To be eligible for this relief, an applicant must:

1.    Be registered as a corporate body in Nigeria;

2.    Have a minimum share capital  of N10,000,000 (Ten Million Naira);

3.    Submit a duly completed application form in which company must demonstrate that its business activities contribute immensely to the Nigerian economy;

4.    Submit an application within one year of commencement of service/business activities;

5.    Pay an application fee of N200, 000 (Two Hundred Thousand Naira);

6.    A service charge consisting of 2% of the company’s estimated savings from the tax exemption;

7.    Pay due diligence fees to cover costs incurred by the Industrial Inspectorate Department who conduct preliminary investigations of the business; and

8.    Submit a five-year financial plan.

Companies that are issued pioneer status certificates are periodically monitored and evaluated by the Nigerian Investment Promotion Commission to access how well the tax incentives are utilised and to encourage compliance with the five year financial plan. The validity period for pioneer status is 3 (Three) years which may be extended on expiration for not more than 2 (Two) years.

 

For more information please contact sadeyemi@olajideoyewole.com


Sandra Oyewole
Olajide Oyewole LLP (A member of DLA Piper Africa)
Country:
Nigeria
Practice Area:
Patents
Phone Number:
+234 1 279 3674
Fax:
N/A
Olajide Oyewole LLP was established in 1964 and is one of the largest firms in sub-Saharan Africa. Our firm has provided efficient services that are adaptive and tailor-made for our clients. We get straight to the point of the commercial challenges faced by our clients and make it our business to understand their industry, their everyday concerns and their future goals. The Firm aims to deliver an incomparable client experience, and our clients interact with the very best lawyers, who have some of the finest legal minds in the industry, who also possess a refreshingly creative and resourceful approach to work. Olajide Oyewole LLP recently become a member of the DLA Piper Africa Group. DLA Piper is ranked as the world’s number one law firm according to Who’s Who 2016 and Merger Market League Tables. It has also been ranked as the number one “game changer” for the past ten years by the Financial Times. As general counsel, Sandra provides legal services on a multitude of issues to various sectors and industries. In the first 8 years of Sandra’s career, she acquired significant dispute resolution experience at all levels of Nigeria’s judicial system. With the development of her analytical, oratory and drafting skills, Sandra joined Olajide Oyewole and Co.(as it was then named) in 2001 as a partner where she guided the growth of the Firm’s practices in advertising, brand protection, broadcasting, employment, entertainment, estate planning, hospitality, immigration, information technology, intellectual property, media and sports. Sandra has in depth knowledge of Nigeria’s creative and innovative industries, regularly structuring deals and providing legal and regulatory advice. Sandra is often invited to speak at seminars and workshops in and outside Nigeria on matters pertaining to chain of title, intellectual property and Nigeria’s creative industry. She has a number of articles published and is committed to the strengthening of Nigeria’s anti-piracy and intellectual property laws and policies.

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