Good news to Entrepreneurs and Businesses in Nigeria as FG stops Company Income Tax for Small Businesses

Company Income Tax rate in Nigeria is 30%. When the new Finance Bill is signed into law by President Buhari…

  • All companies with annual turnover less than N25 million will be exempted from paying CIT (ie CIT Rate = 0%)

  • All companies with annual turnover between N25 - 100m will pay 20% CIT

As at today, all companies are charged CIT at 30% regardless of size.

When the Finance Bill is signed:

Turnover <N25m: 0% CIT

N25–N100m: 20% CIT

>N100m: 30% CIT

NB: CIT is charged only on corporate profits not turnover.

The Buhari - Osinbajo administration would continue its determined pursuit of reforming Nigeria’s business environment until the full attainment of the objectives.

Recall that in the 2017 World Bank Doing Business Ranking, Nigeria moved up 24 places and was also listed among the top ten reforming economies in the world.

In 2019, the World Bank also named Nigeria one of the top-20 improvers in doing business out of 190 countries.


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Truly good news.
One can’t fault the Buhari administration in totality.

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There is beauty in every urgly situation

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You can say that again, dear!

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Good news. :+1:

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