Nigeria's Investment Promotion Council had reduced the duration of the tax exemption holiday granted to qualifying Pioneer Status companies from a maximum of 5 years to a maximum of 3. The potential for an extension of 1 to 2 years for qualifying companies is still available.
It is expected that the change will apply for pioneer status companies that are still in the initial 3 year period and for new applicants for Pioneer Status. It is unclear how the change will apply to companies that ha…